12/1/2021, 7:36 AM (Source: TeleTrader)
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Oil jumps 3% as US inventories decline

Prices of oil futures soared over 3% on Wednesday, after the prior day's slump brought them to a three-month low. The change of sentiment seemingly came amid a decrease in crude stockpiles in the United States, which reportedly shrank by 700,000 barrels over the last week.

On the COVID-19 front, an advisory committee of the US Food and Drug Administration backed Merck and Ridgeback Biotherapeutics' virus treatment.

West Texas Intermediate (WTI) for settlements in January 2022 jumped 3.38% to sell for $68.42 per barrel at 1:23 am ET, while Brent for deliveries in February soared 3.6%, going for $71.69 per barrel at 1:25 am ET.

Baha Breaking the News (BBN) / BU