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NEW YORK (AP) - Crude-oil futures soared to top $65 a barrel Wednesday, marking the highest settlement in about a week, as neutral-to-bearish inventory data failed to cool a rally that began before the trading pits opened.
Although government petroleum-inventory data confirmed traders' fears of softer fuel demand, many said that wasn't enough to hold back a much-needed upward correction in an oversold market.
"You've got to remember we're coming back from a big sell-off here," said Michael Guido, director of commodity strategy in New York for Societe Generale. "Considering the price action, it looks like the market already priced in some of the bearish data."
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