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International oil prices rose for the second consecutive day

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As of the 29th (local time), US West Texas Intermediate (WTI) futures for September delivery rose US$1.23 (1.7 percent) from the previous market to a record US$73.62 per barrel. Additionally, North Sea Brent crude for September delivery climbed $1.31 (1.75%) to $76.05.

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As a result of a drop in crude oil inventories, oil prices rose for the second day in a row.

The prices of both kinds of oil reached their highest levels in two weeks since the 13th of this month, and the daily increase was the largest since the 22nd.

Reassurance of strong demand as U.S. crude oil and gasoline inventories remained well below expectations, which continued to support oil prices.

According to statistics from the U.S. Energy Information Administration (EIA) as of the 23rd, U.S. crude inventories fell by 4089,000 barrels, far exceeding Wall Street’s estimate of 2.2 million barrels.

The weakness of the dollar also contributed to the rise in prices. The dollar index, which measures the value of the dollar against six major currencies, fell 0.41 percent to 91.882, its lowest level since the 29th of last month.

For MetaNews.

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Jonathan Hobbs

Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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