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Futures Movers: Oil seesaws after drop to 1-month low

Global oil prices recovered slightly Thursday, on the heels of the sharpest fall since early March on an unexpected build up in U.S. crude inventories last week.

The 3.3-million barrel rise in U.S. crude stocks deepened concerns that the ongoing production cuts by the Organization of the Petroleum Exporting Countries and Russia aren’t effectively reducing the glut of oil that has suppressed oil prices for over two years.

Read:Oil ends at 1-month low as U.S. supplies rise for the first time in 9 weeks

Analysts say the price benefits of the cuts have largely flowed to U.S. shale producers, which are aggressively expanding their operations and raising their oil exports.

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