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The oil market's failure to break out of the tightest range in more than a decade is sapping investor interest. After hitting a record high last week, hedge funds reduced wagers that U.S. oil prices would rise as concern grows that the market is again becoming vulnerable to a drop. The Organization of the Petroleum Exporting Countries' deal with 11 other major producers to reduce output spurred a 17-percent rally in U.S. oil prices during the last five weeks of 2016 .WTI slipped 5 cents to $54.01 a barrel in the report week, and lost 30 cents to $53.03 a barrel at 10:26 a.m. London time Monday.U.S. crude inventories climbed to 520.2 million barrels in the week ended Feb. 24, the highest in weekly data going back to 1982, according to the Energy Information Administration. Production rose to 9.03 million barrels a day during the same period, the highest since March 2016 .
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