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Oil price resumes decline Thursday (Update)

NEW YORK: Oil rose about 1 percent on Wednesday, recouping some of the previous session's heavy sell-off, on growing prospects that the Organization of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up prices.

U.S. crude futures were down 33 cents, or 0.6 percent, at $55.92 a barrel by 0004 GMT.  The contract rose 1 percent on Wednesday, after sliding for 12 straight sessions and touching its lowest since November 2017.

US stocks falls, S&P down for 5th day

NEW YORK: Wall Street stocks fell on Wednesday, with the S&P 500 notching a fifth straight day of losses as financial stocks were hit by fears that regulations on the banking industry would tighten once the Democratic Party takes control of the U.S. House of Representatives.

The Dow Jones Industrial Average fell 205.99 points, or 0.81 percent, to 25,080.5, the S&P 500 lost 20.6 points, or 0.76 percent, to 2,701.58 and the Nasdaq Composite dropped 64.48 points, or 0.9 percent, to 7,136.39.