Fall in US stocks boosts oil
Oil rises after data reinforces Opec’s robust demand outlook and as shutdown of biggest US fuel pipeline heads into sixth day
12 May 2021 - 08:25
Melbourne — Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in US crude inventories, which reinforced oil cartel Opec’s robust demand outlook, and as the shutdown of the biggest US fuel pipeline headed into a sixth day.
US West Texas Intermediate (WTI) crude futures rose 21c, or 0.3%, to $65.49 a barrel at 12.13am GMT, adding to a 36c rise on Tuesday...
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