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Oil prices rebound in early trading

Strong US retail data boosted oil prices in early trading today, with West Texas Intermediate crude up to $55.60 per barrel, or 2%, and Brent futures also rising 2% to $59.48 per barrel. "The rebound has a corrective look about it on thin volumes, rather than a beachhead for an impending rebound," said Jeffrey Halley of OANDA.

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