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Oil Stable at Beginning of Thursday’s Trading

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Oil prices held on to most of the previous day's gains in early trade on Thursday as markets weighed an unexpected draw in US crude oil stocks.

Brent futures slipped 8 cents, or 0.1%, to $77.04 a barrel, while US West Texas Intermediate (WTI) crude futures were down 5 cents, or 0.1%, at $72.48.

Oil prices gained a dollar a barrel on Wednesday as US corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls around the globe could lower biofuels blending and increase oil demand.

US crude oil inventories fell about 1.2 million barrels in the week ending June 16, defying the forecasts of analysts who expected an increase of 300,000 barrels.

Source: Qatar News Agency

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