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Oil jumps to $75.5 after US inventories drop

Oil prices rose over $2 a barrel on Wednesday after government data showed a larger-than-expected drawdown in U.S. crude inventories, and on expectations demand will rise as vaccination roll-outs widen.

U.S. crude oil stockpiles fell last week to the lowest since September 2019, the U.S.

Energy Information Administration said, extending their drawdown after Hurricane Ida late August shut numerous refineries and offshore drilling production.

Brent crude rose $1.86, or 2.5%, to settle at $75.46 a barrel. U.S. West Texas Intermediate (WTI) crude climbed $2.15, or 3.1%, to $72.61 a barrel.

Earlier in the session, Brent touched $76.13 a barrel, a contract high, and the highest outright price since late July.

 

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About AISU

Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

AISU is a non-governmental organization of a private nature, not of a political or commercial nature.

AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

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