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Receding oil inventories extend price rally

Both Brent and WTI futures are currently trading at the highest level seen since the coronavirus' global emergence in February 2020.

Photo: JENNIFER HILLER/REUTERS / X06997

Oil prices continue to climb Wednesday morning in the wake of an American Petroleum Institute (API) report showing a slightly higher-than-expected rise in US crude stockpiles, Reuters reports.

One barrel of European reference oil Brent trades Wednesday morning for USD 57.35 against USD 56.54 Tuesday at ended Central European trading hours.

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