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Oil & Gas

Monday
24 Jul 2023

Oil prices rise as tight supply counters expected rate hikes

24 Jul 2023   

Brent crude futures rose 44 cents, or 0.6%, to $81.51 a barrel by 11 GMT. U.S. West Texas Intermediate (WTI) crude was at $77.51 a barrel, also up 44 cents, or 0.5%.

The benchmarks rose 1.5% and 2.2% respectively last week, their fourth straight of week of gains, as supply is expected to tighten following OPEC+ cuts. Fighting also escalated last week in Ukraine after Russia withdrew from a U.N.-brokered safe sea corridor agreement for grain exports.

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