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Crude Oil Claws Back Some Recent Losses

Crude oil prices were slightly higher Friday morning, trimming this week's significant losses.

Prices plunged mid-week, losing about 6% due to increased OPEC production and a strong U.S. dollar.

Libya is ramping up shipments from four key ports, and Saudi Arabia is turning on its spigots faster than intitially thought.

However, "Rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the expense of the world's spare capacity cushion, which might be stretched to the limit," the IEA said in its monthly report.

"This vulnerability currently underpins oil prices and seems likely to continue doing so," the IEA added.

Meanwhile, U.S. oil stockpiles plumetted a massive 12.6 million barrels to the lowest since February 2015.

WTI light sweet oil was up 27 cents to $70.61 a barrel.

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