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10/14, 4:52 PM (Source: TeleTrader)
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Crude prices gain despite demand worries

Oil prices traded higher on Wednesday despite increased concerns over demand due to rising coronavirus infections worldwide.

Earlier this week, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report crude demand will rise by 6.54 million barrels per day to 96.84 million bpd next year, slightly less than it predicted in its report from a month ago. Later in the day, the American Petroleum Institute (API) will release inventory data for the United States.

West Texas Intermediate for November delivery jumped 1.77% to $40.91 per barrel at 10:35 am ET. Meanwhile, Brent for December delivery climbed 1.48% to $43.10 per barrel.

Breaking the News / JC