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Futures Movers: Oil tops $50 as traders anticipate Hurricane Matthew-related disruptions

Oil futures edged higher Thursday to top $50 a barrel as traders eyed the potential for storm-related disruptions to crude supply in the southeastern U.S., which could contribute further to overall declines in the nation’s inventory levels.

U.S. crude supplies have already posted declines in each of the last five weeks on the back of weaker import levels. Hurricane Matthew, which may hit the U.S.’s East Coast in the next few days, is expected to cause disruptions to oil transportation, as well as demand for crude and crude products, in the region. The storm was recently upgraded to a category 5 hurricane and some two million people are expected to be evacuated from the southeastern region of the U.S.

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