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Oil costs rose as a lot as $1 on Friday on indicators of enhancing gas demand, though additional good points have been capped because the market awaited clues from the U.S. Federal Reserve chairman on the outlook for fee hikes in a speech later within the day, Information.Az stories citing Reuters.
Brent crude futures climbed 87 cents, or 0.9%, to $100.21 a barrel by 0410 GMT. U.S. West Texas Intermediate (WTI) crude futures additionally rose 88 cents, or 0.9%, to $93.40 a barrel. Each contracts jumped in early commerce by as a lot as $1 after slumping about $2 on Thursday.
Regardless of uncertainty over the tempo of fee hikes in the US to sort out hovering inflation, worries about oil demand destruction eased this week, placing the benchmark oil contracts on monitor for good points of round 3% for the week.
Information.Az
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