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7/26, 9:11 AM (Source: TeleTrader)
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Oil rises as energy crisis in Europe continues

The prices of oil futures increased on Tuesday, as the most recent announcements on gas cuts in Europe might have possibly driven the investors toward oil, raising its demand.

European officials stated that Russia's latest decision to cut gas supplies is not related to any technical issues, adding, however, that the EU should brace for further reduction and act "as soon as possible" in order to fend off the dangers of such a decision.

West Texas Intermediate (WTI) for settlements in September added 1.68% going to $98.24 per barrel at 2:58 am ET, while Brent for the same month's deliveries gained 1.50% to sell for $106.72 per barrel at 3:00 am ET.

Baha Breaking News (BBN) / AY