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WTI Hits Fresh Eight-Month High

M. Ali 10 December, 2020 9:29 pm Commodities, Market Update

The West Texas Intermediate (WTI) crude futures rose during Thursday’s trade to their highest level in about eight months, since early March.

WTI is up by 3.84% or $1.75, trading at $47.27 a barrel.

A recent agreement between members of the OPEC+ alliance to raise output by much less than previously expected is providing support for crude prices.

The US benchmark crude futures declined on Wednesday after the EIA weekly report showed a surprise build up in oil stockpiles.

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