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Market Update: Oil Trades Higher
Oil prices increased on Wednesday, following slight declines in the prior session while holding at multi-year peaks, following reports that OPEC+ started discussions on gradual raising oil production from August. The cartel is already returning 2.1 million bpd to the market from May through July, signaling the ongoing strengthening of market fundamentals. Meantime, API data showed US crude stocks fell by 7.2 million barrels for the week ended June 18th, following an 8.5 million drop in the previous week, and compared with market expectations of a 3.6 million drop. Limiting the rise was reports by the WSJ saying China intends to keep border restrictions in place for at least another year due to the emergence of new coronavirus variants. At around 06:15 AM GMT, WTI crude gained 0.6% to $73.27 a barrel, while Brent oil rose 0.8% to $75.37 a barrel. [/s2If]
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