Oil prices rose to a fresh eight-week high in European trade on Thursday, as data showing a fourth consecutive week of declines in U.S. crude inventories added to optimism that the market was rebalancing.
The U.S. West Texas Intermediate crude September contract was at $48.89 a barrel by 3:20AM ET (0720GMT), up 13 cents, or around 0.3%. It touched its highest since June 1 at $48.91 earlier in the session.
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