2/7, 6:25 PM (Source: TeleTrader)
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Oil extends gains, rises by 3%

The prices of oil futures continued to register gains on Tuesday after the earthquake that occurred in Turkey the day before temporarily halted exports of the commodity from the port of Ceyhan.

Meanwhile, the United States Energy Information Administration (EIA) said in a report that it predicts global liquid fuel consumption will grow by 1.1 million barrels per day (bpd) in 2023 and 1.8 million bpd in 2024, mostly due to China eliminating its measures against the spread of COVID-19. It also projected that oil production in Russia will average 9.9 million bpd in 2023, 1.1 million bpd less than in 2022.

West Texas Intermediate (WTI) for deliveries in March advanced by 3.59% at 12:14 pm ET to go for $76.76 per barrel. A minute later, Brent for settlements in April went up by 3.00% to sell for $83.39 per barrel.

Baha Breaking News (BBN) / JR