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Rise seen in oil prices on projected decline in U.S. oil shares in spite of increase in COVID-19 cases

On Wednesday, Jul. 28 crude oil prices rose after expectations of a weekly decrease in US crude stockpiles, indicating that oil demand will keep rebounding in spite of increasing coronavirus infection numbers.

The trade of international benchmark Brent crude stood at USD73.85 a barrel at 07.17 GMT for a 0.45 percent rise after finishing Tuesday at USD73.52 per barrel.

The trade of American benchmark West Texas Intermediate (WTI) came in at USD72.03 per barrel at the same time for a 0.53 percent increase after concluding the prior session at USD71.65 a barrel.

Late Tuesday, the American Petroleum Institute (API) expected a decline in US crude oil inventories of 4.7 million barrels, in comparison with the market projection of a decrease of 3.4 million barrels.
Source: MENAFN

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