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Oil in choppy trade after U.S. stock drawdown; focus on glut

By Barani Krishnan

NEW YORK (Reuters) – Oil prices seesawed in choppy trade on Wednesday, with U.S. crude slipping and Brent paring gains as worries about a global supply glut offset data showing a surprise drop in U.S. crude stockpiles.

Oil prices rallied early, up for the first time in five days, on talk that major producers might try to tackle a glut that had driven prices to 12-year lows.

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