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Indonesia News Portal for Traders | Financial & Business Updates

10 January 2025 07:38  |

Oil Rises As Inventory Drawdown

Oil rose for a second day as a decline in U.S. inventories offset more signs of economic weakness in China, the biggest importer.

West Texas Intermediate traded above $74 a barrel, after ending 0.8% higher on Thursday, while Brent settled near $77. Crude inventories at the Cushing, Oklahoma, hub fell to their lowest since 2014, while consumer inflation in China fell further to near zero.

Oil headed for a third weekly gain, supported by cold weather that is expected to boost demand for heating fuel. President-elect Donald Trump’s return to the White House also raises risks to Iranian supplies and stokes concerns about a potential trade war. (AL)

Source: Bloomberg

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