By Barani Krishnan

Investing.com – Oil continued its rally on Wednesday after a day’s breather as traders focused on unplanned refinery outages versus crude inventories at 16-month highs.

New York-traded West Texas Intermediate, or WTI, crude was up 76 cents, or 1%, at $80.89 a barrel by 12:00 p.m. ET (5:00 p.m. GMT). The U.S. crude oil benchmark fell 1.8% on Tuesday after rising nearly 15% over the past two weeks on bets for a huge demand pick-up from China later this year.

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