November 26, 2022

Oil climbs on demand hopes after huge drawdown in U.S.

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MELBOURNE — Oil costs rose in early commerce on Wednesday after business knowledge confirmed a shock drop in U.S. crude stockpiles, suggesting demand is holding up regardless of steep rate of interest hikes dampening international development.

Brent crude futures picked up 17 cents, or 0.1%, to $94.82 a barrel at 0014 GMT, whereas U.S. West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.3%, to $88.63 a barrel.

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Each benchmark contracts rose about 2% within the earlier…

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