Oil futures hold modest gains early Wednesday after industry data shows a large drop in U.S. crude inventories but a build in product supplies ahead of...
Oil futures held modest gains early Wednesday after industry data showed a large drop in U.S. crude inventories but a build in product supplies ahead of official figures.
West Texas Intermediate crude for February delivery CL00, +0.70% CLG22, +0.70% rose 27 cents, or 0.4%, to $77.26 a barrel on the New York Mercantile Exchange. March Brent crude BRN00, +0.85% BRNH22, +0.85%, the global benchmark, was up 34 cents, or 0.4%, at $80.34 after both grades ended at five-week highs.
While oil has bounced back from the selloff sparked by the discovery of the omicron variant of the coronavirus that causes COVID-19 in late November, the market might not be out of the woods, he said, noting reports that China put a second city — Yuzhou, with a population of 1.1 million — under lockdown after discovering three asymptomatic cases of COVID-19. The 13 million residents of Xi’an have been under lockdown restrictions since Dec. 23.
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Oil News and Forecast - FXStreetCheck our updated for Oil News including real time updates, technical analysis and the economic latest events from the best source of Forex News.
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