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Oil Closes Higher for First Time in Four Days

M. Ali 6 August, 2021 2:28 am Commodities, Market Update

Oil snapped a three-session losing streak to close higher on Thursday, amid concerns about the spread of the Delta variant of the coronavirus.

Brent crude futures for October delivery added 54 cents, or 0.8%, to close at $70.92 per barrel.

Meanwhile, the West Texas Intermediate (WTI) crude futures for September delivery rose by 54 cents, or 0.8%, to finish at $68.69 per barrel.

A surprise pick-up in U.S. crude inventories also extended yesterday’s decline.

Oil prices remain on track for large weekly losses.

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