Oil hits new highs on US fuel demand, tighter supply | Reuters
Oil prices hit new peaks on Wednesday with the global Brent benchmark touching its highest since January after a steep drawdown in U.S. fuel stockpiles and Saudi and Russian output cuts offset concerns about slow demand from China.
Brent crude settled $1.38, or 1.6%, higher at $87.55 a barrel, its highest since Jan. 27.
West Texas Intermediate crude (WTI) closed $1.48, or 1.8%, higher at $84.40, at its highest since November 2022.
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