Oil rally into ninth session on hopes of demand recovery
A big drop in crude inventories also helped the rally, as vaccine rollouts are expected to encourage travel sooner rather than later
10 February 2021 - 13:07
London — Oil extended its rally for a ninth day on Wednesday, supported by producer supply cuts and hopes that vaccine rollouts will drive a recovery in demand.
The American Petroleum Institute (API) said on Tuesday that crude inventories fell by 3.5-million barrels, compared to expectations for a 985,000-barrel build. The Energy Information Administration’s (EIA) offfcial stocks report is due at 3.30 GMT...
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