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Oil Climbs as Firm Demand Absorbs Ample Supply
Oil rose on Tuesday as demand soaked up some of the surplus supplies from OPEC and the United States, but traders said the market was trading in a tight range and showed few signs of big short term moves.
Benchmark Brent crude LCOc1 was up 70 cents at $49.12 a barrel by 1150 GMT, while U.S. light crude oil CLc1 was 65 cents higher at $46.67.
