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Brent
North Sea crude close to $112
Brent
North Sea crude for September has jumped to around $112 per barrel
amid rising demand and concerns over a potential decline in supplies.
7
August, 2012
New
York's benchmark, West Texas Intermediate crude for September
delivery, climbed steadily during Tuesday’s trading session on Wall
Street to end up $1.47 from Monday at $93.67 a barrel, AFP reported
on.
It
was the highest level for West Texas Intermediate in nearly three
months.
"In
addition we've seen bigger-than-expected inventory drawdowns in the
US recently, implying that demand for oil remains strong," Fawad
Razaqzada, an analyst at trading group GFT Markets, was quoted as
saying.
"The
euro's recent strength has provided additional support. Geopolitical
concerns in the Middle East and hurricane season in the US have kept
supply concerns elevated," he added.
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