Thursday, August 4, 2022
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Oil costs rebound on provide issues




Oil costs rose on Thursday as provide issues triggered a rebound from multi-month lows plumbed within the earlier session after U.S. information signaled weak gas demand.

Brent crude futures rose 42 cents, or 0.4 p.c, at $97.20 a barrel by 0250 GMT, whereas West Texas Intermediate (WTI) crude futures was final up 49 cents, a 0.5 p.c acquire, at $91.15.

Each benchmarks fell to their weakest ranges since February within the earlier session after U.S. information confirmed crude and gasoline stockpiles unexpectedly surged final week and as OPEC+ agreed to lift its oil output goal by 100,000 barrels per day (bpd), equal to about 0.1 p.c of world oil demand.

The Group of the Petroleu…

Carry on studying: Oil costs rebound on provide issues

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