11/19/2021, 9:39 AM (Source: TeleTrader)
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Oil up 1% as fears of oversupply subside

Prices of oil futures rose near 1% on Friday, as the investors managed to brush off worries prompted by prospects of a joint release of crude reserves from stocks that the United States advocated earlier this week.

While China's premier warned of new risks for the economy of the world's second-largest oil consumer, Japan's Prime Minister Fumio Kishida unveiled the biggest-ever stimulus package aimed at mitigating the COVID-19 pandemic's impact.

Brent for deliveries in January rose 0.95% to sell for $82.01 per barrel at 3:28 am ET. West Texas Intermediate (WTI) for settlements in the same month gained 0.96% to trade for $79.15 per barrel.

Baha Breaking the News (BBN) / BU