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Story summary
- Oil prices stabilized near two-week highs, with Brent at $63.89 and West Texas Intermediate at $60.23.
- Investors boosted sentiment as expectations grew for a U.S. Federal Reserve rate cut this week.
- U.S. inventories rose by 574,000 barrels last week, indicating ample stockpiles.
- Saudi Arabia cut its January crude price for Asia, signaling weaker demand.
- Analysts warn of oversupply from rising non-OPEC production and supply disruptions from geopolitical tensions.
