Sun, 2020-08-09 00:27
Oil prices advanced to their highest level since early March, hovering near five-month highs.
Brent crude rose to $44.40 per barrel, while WTI also gained to $41.22. The year-to-date price average for Brent is $40.38.
Among the reasons for the weekly gain was the the larger than expected drop in US commercial stocks for the second consecutive week. Another was the collective action of OPEC countries which together exceeded 100 percent compliance in earlier agreed production cuts.
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