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Oil slipped in London after briefly climbing above $70 a barrel for the first time in three years as a global surplus recedes.Brent futures declined 0.6 percent, having added 1.8 percent this week in a fourth weekly increase.While the global market is balancing, there are still more than 100 million barrels of surplus inventories that need to be cleared, according to United Arab Emirates Energy Minister Suhail al-Mazrouei.U.S. crude stockpiles dropped to 419.5 million barrels last week, the lowest level since August 2015, according to the Energy Information Administration.
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