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Brent crude tops $70 a barrel, West Texas Intermediate approaches $65

“On Wednesday, the U.S. Energy Information Administration said crude inventories fell almost 5 million barrels to 419.5 million barrels last week” reports foxbusiness.com. Brent crude surged to $70.05 a barrel, its highest since November 2014.U.S. West Texas Intermediate (WTI) crude futures rose 86 cents, or 1.4 percent, to $64.43, the highest since December 2014. “(U.S.) crude oil inventories are at their lowest level since August 2015,” said PVM Oil Associates analyst Tamas Varga.ICE Commitment of Traders figures showed speculators raised their net long holdings of Brent crude futures and options in the week to Jan. 2 to a new record.
 
Source: foxbusiness.com



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