Oil rose to hold above $69 on Wednesday after a report showing a drop in U.S. gasoline stockpiles signalled a glut centred on the world's top consumer will ease as motor fuel demand reaches its summer peak. Prices slumped more than 2 percent on Monday as investors shunned riskier asset seeking the relative safety of the dollar and gold as concern spread about the health of European banks and tension between North and South Korea escalated.

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