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2/12, 9:28 AM (Source: TeleTrader)
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Oil pares gains as EIA cuts global demand forecast

Prices of oil continued its rise on Wednesday as the United States Energy Information Administration (EIA) reduced its estimates regarding global oil demand growth in 2020. According to the announcement by the EIA, the demand will stand at one million barrels per day, decreasing by 310,000 barrels per day from the agency's previous forecast.

Meanwhile, concerns over coronavirus outbreak were somewhat eased with China claiming that the recovery rate jumped to 10.6%. British scientist sparked optimism as well, saying that his team of researchers started testing potential coronavirus vaccines on animals while tests on humans may begin within months.

Brent for April settlement traded 1.73% higher at 3:16 am ET, going for $55.19 per barrel. At the same time, West Texas Intermediate for March delivery changed hands for $50.71 per barrel, climbing 1.44%.

Breaking the News / GA