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Oil Rises As Market Expects Fuel Demand To Continue Increasing ...Middle East
Oil prices rose early on Wednesday as China’s financial hub Shanghai reopened after a two-month strict lockdown, giving hope to oil bulls that Chinese fuel demand will rebound, while fuel inventories in the U.S. are at multi-year lows. As of 10:35 a.m. EST on Wednesday, WTI Crude was up 1.59% at $116.50 and Brent Crude was trading 1.71% higher at $117.59, as market participants turn bullish on oil again, expecting rising fuel demand in the summer holiday season despite high prices. In addition, fuel inventories in the United…
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