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Oil rose again amid new coronavirus variant revives demand fears

Category: Economy

Date: 2020-12-23T12:15:14+0000
Oil rose again amid new coronavirus variant revives demand fears

Shafaq News/ Oil rose in trade on Wednesday as a mutant variant of the coronavirus in Britain revived concerns over demand recovery.

U.S. West Texas Intermediate (WTI) crude futures rose  0.3%, to $50.22 a barrel at 1041 GMT, while Brent crude futures dropped 0.2 %, to $47.16.

Both contracts fell nearly 2% on Tuesday, in a second straight session of declines, with Brent just managing to settle above $50 ahead of the release of the data from the American Petroleum Institute (API).

API reported crude inventories rose by 2.7 million barrels in the week to Dec. 18, compared with analysts' expectations in a Reuters poll for a decline of 3.2 million barrels.

The Organization of the Petroleum Exporting Countries and allies, a group known as OPEC+, are set to boost output by 500,000 barrels per day in January. There is no sign yet of any wavering induced by the price drop.

Russian Deputy Prime Minister Alexander Novak on Monday said the rise in output should not result in a glut.

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