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Search resuls for: "David Gaffen"


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NEW YORK, Sept 28 (Reuters) - Oil prices rose on Wednesday following unexpected drawdowns in U.S. crude and fuel stocks, and as the U.S. dollar pulled back from recent gains, boosting commodities prices. Brent crude futures were up $2.82, or 3.3%, at $89.09 per barrel by 12:31 p.m. EST (1631 GMT). U.S. West Texas Intermediate (WTI) crude futures rose $3.20, or 4.1%, to $81.70 a barrel. The dollar hit a fresh two-decade peak against a basket of currencies on Wednesday before pulling back. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies.
NEW YORK, Sept 28 (Reuters) - Oil prices rose on Wednesday following unexpected drawdowns in U.S. crude and fuel stocks, outweighing downward pressure from the continued strength in the U.S. dollar. U.S. crude stocks fell by 215,000 barrels in the most recent week, while gasoline and distillate inventories declined by 2.4 million and 2.9 million barrels respectively, as refining activity declined following several outages. Wholesale gasoline prices have been on the rise in the United States as well after refiners in the Midwest and West Coast shut. A strong dollar reduces demand for oil by making it more expensive for buyers using other currencies. Producer group OPEC+ meets on Oct. 5, where Russia is likely to propose an output cut of around 1 million barrels per day, a source familiar with Russian thinking said on Tuesday.
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