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Oil prices rose on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors.

Brent crude was up 69 cents, or 0.9%, at $74.68 a barrel by 0200 GMT, having risen 1.6% on Tuesday.

U.S. crude gained 66 cents, or 0.9%, to $72.78 a barrel, after rising 1.7% in the previous session.

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