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5/25, 6:49 PM (Source: TeleTrader)
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Oil prices higher in thinned trade

Oil prices rose on Monday with light trading volumes as markets in the United States and the United Kingdom were closed for holidays.

Hopes of the continued relaxing of coronavirus measures across the globe contributed to the gains. Last week, the US Energy Information Administration reported inventories dropped by 5 million last week in a sign of stronger demand for oil.

Brent for July settlement was up 2.22% to $35.91 per barrel at 6:36 pm ET. At the same time, equivalent West Texas Intermediate futures gained 2.53% to $34.09 a barrel.

Breaking the News / JC