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Oil fell in a day of wild price swings as investors weighed supply-and-demand fundamentals against Saudi Arabia’s global price hike.

Oil declined as data showing rebounding demand wasn’t enough to offset ballooning inventories.

Oil rallied on optimism that consumption could gradually return as major producers continue to cut output to counter a global glut.

Oil resumed losses after a brief bounce higher amid the aftershocks of a major index tracked by billions of dollars in funds exiting near-term contracts for fear prices may turn negative again.