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Market Update: Brent Crude Hits Highest Since October 2020
Brent crude futures hit $75.8 a barrel for the first time since October 2018 on Wednesday, buoyed by a sharper than expected drop in US crude inventories. The EIA Petroleum Status Report showed stocks of crude oil in the US fell by 7.614 million barrels in the June 18th week, a fifth consecutive period of decline and the largest since the last week of April. Meantime, investors continue to digest news that OPEC+ is planning a further gradual increase of oil output from August. The oil market is up around 50% so far this year, as investors are upbeat about fuel demand recovery this summer, with vaccination programs in Europe and the US allowing more people to travel. In addition, talks between world powers and Iran to revive a nuclear deal ended without an agreement. [/s2If]
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