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Brent Rises to More Than Two Year Highs

Brent Rises to More Than Two Year Highs

The price of crude is trading higher on the international markets after a report on the US oil industry pointed to a reduction in US reserves. Data from the American Petroleum Institute indicate that the country’s reserves fell by 5.36 million barrels last week, according to sources quoted by Bloomberg.

On the other hand, optimism is growing about the recovery of consumption levels and demand for the raw material at a time when optimism about the economic recovery in the US and China is also growing.

In London, North Sea Brent crude oil rises 0.32% to $71.58 per barrel. With this third straight rise, Brent has now touched $71.99, a May 2019 high.

Also the West Texas Intermediate (WTI), traded in New York, rises for the third session by appreciating 0.35% to 69.07 dollars, having already touched the highest price since October 2018.

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