5/26, 3:28 PM (Source: TeleTrader)
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Oil prices rise, WTI up over 1.3%

The prices of oil futures increased on Thursday as supply concerns continued to mount, while the demand has been on a steady rise as China has slowly started to ease its Covid restrictions.

Earlier, the United States Energy Information Administration reported that crude oil stockpiles in the country decreased by 1 million, which possibly raised worries among investors regarding the supply.

West Texas Intermediate (WTI) for settlements in July jumped 1.31% to sell for $111.80 per barrel at 9:18 am ET, while Brent for deliveries in July rose 0.90%, going for $114.99 per barrel at the same time.

Baha Breaking News (BBN) / AY