7/15, 9:44 AM (Source: TeleTrader)
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Crude gains as US oil inventories decline

Prices of oil climbed on Wednesday after private data showed that the United States' crude stockpiles slid by 8.3 million barrels last week.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) estimated that the global oil demand will fall by 8.9 million barrels per day in 2020, impacted by the coronavirus pandemic, foreseeing a "historic" growth of 7 million barrels per day next year.

West Texas Intermediate (WTI) for August settlement went up by 0.87% at 3:33 am ET, selling at $40.64 per barrel. A minute later, Brent for September delivery strengthened 0.82% to go for $43.25 per barrel.

Breaking the News / GA