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West TX Oil Surges to $51 on Industry Spending Cuts

Crude oil futures climbed on Thursday, arresting a two-session losing streak, as industry spending cuts and a weaker dollar spurred buying.  U.S. March crude futures closed up $2.37, or 4.9 percent, at $51.21 a barrel, after falling more than 2 percent in the previous session.

March Brent futures were up $2 at nearly $57 a barrel, following a 3 percent loss in the previous session that saw prices break below $54 at one point.

The chief executive of Shell said Thursday supply might not be able to keep up with growing demand after oil companies slashed budgets following a near-halving of oil prices since June.

CNBC [1]

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