Oil prices rallied on Wednesday after U.S crude inventories and crude output declined , a positive sign for markets ahead of next week's OPEC meeting, where major oil producers are expected to extend supply cuts. Front-month U.S. West Texas Intermediate crude futures rose 1.51 percent at $48.96 a barrel. Front-month Brent crude futures closed up 1.68 percent to $52.09 a barrel. The spread between the two benchmarks stood at $3.13 a barrel.

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