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4/28, 4:57 PM (Source: TeleTrader)
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Oil gains more than 1% as demand recovery hopes grow

The price of crude advanced on Wednesday as the investors remained hopeful that the vaccination against COVID-19 will have a tangible impact on the global demand for oil in the coming period.

The optimism was backed by the Organization of the Petroleum Exporting Countries' announcement that the gradual increase in oil production will be implemented as planned in the following three months.

Brent for June delivery was up 1.54% to $67.44 per barrel at 10:44 am ET. A minute later, West Texas Intermediate for June gained 1.83% to $64.09 per barrel.

Breaking the News / BU