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Oil Prices Surge on Fresh Middle East Strikes and API Crude Draw
Oil prices spiked in early Asian trade on Wednesday, erasing a significant portion of Tuesday's selloff on the back of renewed hostilities in the Middle East and a bullish U.S. inventory report from the API.
Summary
Oil prices spiked in early Asian trade on Wednesday, erasing a significant portion of Tuesday's selloff on the back of renewed hostilities in the Middle East and a bullish U.S. inventory report from the API. At the time of writing, Brent crude had climbed to $87.95 per barrel, up 4.59%, while West Texas Intermediate was trading at $82.89, up 4.58%.
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