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Oil down despite China stimulus, supply drop

By The Associated Press
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LONDON (AP) — The price of oil drifted lower Thursday even after China introduced measures to underpin growth and U.S. crude inventories unexpectedly declined.

Benchmark U.S. crude for May delivery was down 53 cents to $99.09 a barrel at 0900 GMT in electronic trading on the New York Mercantile Exchange. The contract shed 12 cents to close at $99.62 on Wednesday.

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