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Maroc Maroc - FINANCIALMIRROR.COM - A La Une - 12/12/2024 08:57

Crude oil rises, WTI taps $70 a barrel

The benchmark West Texas Intermediate (WTI) rallied on Wednesday, jumping around 2.75% and clipping into $70 per barrel after the Energy Information Administration (EIA) reported a steeper drawdown in US crude oil reserves than energy traders anticipated. The Organisation of the Petroleum Exporting Countries (OPEC) has lowered its forecasts for world crude oil demand growth, however barrel traders are still banking on growing energy demand from China to sop up the extra. According to the EIA, US Crude Oil Stocks Change for the week that ended December 6 fell by 1.425 mln barrels, below the forecast -1.1 mln and declining

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