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Oil prices recover slightly in Asia

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Hong Kong - Oil prices climbed on Friday, recovering slightly from a sell-off caused by news that US stockpiles had reached record highs, adding to worries about a global supply glut.

US benchmark West Texas Intermediate for April, a new contract, gained 35 cents to $52.18 while Brent added 33c to $60.54.

Traders sold off the black gold on Wednesday on forecasts of a huge jump in inventories. And they extended the losses on Thursday after the Energy Information Administration (EIA) announced a surge of almost 8 million barrels to levels not seen since weekly books were started in 1982.

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