Oil prices rose for a second day on Wednesday on signs of strong demand from ref...
SEOUL - Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly.
U.S. West Texas Intermediate crude futures were at $64.48 per barrel, up 43 cents, or 0.7 percent from their previous settlement. “The demand side of the equation got a substantial fillip via today’s China data suggesting prices will continue to move higher on improving global growth and risk sentiment,” said Stephen Innes, managing partner and head of trading at SPI Asset Management, in a note.
The tightening supply and demand fundamentals have pushed WTI up more than 40 percent this year and Brent up by more than 30 percent.
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