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Oil topped $50 a barrel for the first time and closed at a six-week high amid heightened optimism that a demand resurgence is in the offing. Futures jumped 1.2 percent in New York and closed just 11 cents shy of the $50 mark. An Energy Information Administration report Wednesday showed U.S. gasoline stockpiles slid to 218.3 million barrels last week.The EIA said global oil demand will rise to 104 million barrels a day in 2030 from 95 million barrels a day in 2015 in the organization's annual International Energy Outlook released Thursday.
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