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Commodities

Oil Prices Surge Amid Middle Eastern Supply Disruptions

Guavy AI Editorial Team
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Oil
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Oil prices rose on Wednesday due to concerns about supply disruptions in the Middle East.

Brent crude futures increased by $1.10 to reach $90.01 a barrel, while US West Texas Intermediate (WTI) crude gained 71 cents, or 0.85%, to $83.91.

The rise in oil prices comes despite an increase in US crude oil inventories, which rose by about 9.1 million barrels during the week ending August 7, according to data from the American Petroleum Institute (API).

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