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Market Update: Crude Oil Steady at 2018 Levels
Crude oil prices fell slightly on Thursday but held near multi-year peaks, buoyed by a large fall in inventories and brighter demand outlook as a quickening in COVID-19 vaccinations helped lift travel restrictions across Europe and the US. Among data, The EIA reported the US crude oil inventories dropped by 7.355 million barrels in the June 11th week, a fourth consecutive period of decline and the largest since the last week of April. On the supply side, OPEC+ agreed to keep to their plan to gradually ease supply curbs through July. On top of that, expectations for more Iranian crude exports faded after Iran’s deputy foreign minister Abbas Araghchi said that Tehran’s nuclear talks are unlikely to conclude before Iran’s presidential elections. On Wednesday, Brent crude gained 40 cents, or 0.5%, to hit $74.39 a barrel, reaching its highest since April 2019, and running its gains to five straight days. WTI crude rose 3 cents to $72.15, after reaching $72.99, highest since October 2018. [/s2If]
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