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10/13, 3:46 PM (Source: TeleTrader)
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Oil extends gains ahead of weekly inventory reports

Oil prices continued to climb on Tuesday despite pressure stemming from concerns about oversupply. These concerns pushed crude prices lower on Monday, as producers in the United States restarted refineries following Hurricane Delta.

Meanwhile, investors awaited news on crude stockpiles set for a release later in the day, with official US government data slated for a release on Wednesday.

West Texas Intermediate futures for November settlement gained 1.83% to $40.15 per barrel at 9:31 am ET. At the same time, the global benchmark Brent for December delivery jumped 1.51% to $42.34 a barrel.

Breaking the News / JC