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Futures Movers: Oil pares losses after EIA reports fourth-straight weekly decline in crude stocks

Oil prices slumped in early trade Wednesday after data showed U.S. crude stockpiles grew last week, triggering concerns that rising prices are enticing U.S. shale producers to ramp up production.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF7, -0.94% traded at $52.35 a barrel, down $0.63, or 1.2%, in the Globex electronic session. February Brent crude LCOG7, -0.77% on London’s ICE Futures exchange fell $0.63, or 1.1%, to $55.09 a barrel.

The American Petroleum Institute, an industry group, said late Tuesday its data for the week ended Dec.

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