Oil futures traded sideways on Thursday after a strong open as the paper market continues to dismiss the risk of a looming supply surplus, and the physical market now seems to be rallying as well. In London, the March Brent contract was down 20c and settled at $84.47 per barrel, while in New York, the front-month Nymex West Texas Intermediate (WTI) February contract shed 52c and closed at $82.12/bbl.
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