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7/3, 12:58 PM (Source: TeleTrader)
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Oil prices higher after dip in US stockpiles

Oil prices rebounded slightly on Wednesday after sliding in the previous session as the extension of the OPEC+ production cuts failed to counter demand woes. Fears of a global economic slowdown following weak manufacturing reports from China, the United States, and Europe took over after the cartel and allied producers decided to extend output cuts by nine months.

Meanwhile, data from the American Petroleum Institute helped crude prices as a larger-than-expected drawdown in US inventories was revealed. Government data from the EIA will be released later in the day.

Brent futures for September deliveries climbed 0.95% at 6:38 am ET to go for $62.97 per barrel, while West Texas Intermediate futures for the same month jumped 1.01% to $56.84 a barrel at the same time.

Breaking the News / JC