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7/7, 4:06 PM (Source: TeleTrader)
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Oil extends gains, WTI surges over 5%

Prices of oil futures extended gains during the Thursday session, as fears over tightening supply continued to grow.

Previously, the Russian court ordered the Caspian Pipeline Consortium (CPC), which transports crude through one of the biggest pipelines in the world through the Black Sea, to suspend its operations for 30 days. Moreover, the continuous sanctions against Russia have also been affecting the supply side.

West Texas Intermediate (WTI) for settlements in August skyrocketed 5.08% at 9:57 am ET, to sell for $103.61 per barrel. At the same time, Brent for September settlements surged 4.57% to go for $105.34 per barrel.

Baha Breaking News (BBN) / AY