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Oil rises as demand picture improves and suppliers keep supply tight | Hellenic Shipping News Worldwide

Oil rises as demand picture improves and suppliers keep supply tight Oil prices rose for a third day on Thursday on expectations of a surge in fuel demand later this year, particularly in the United States and Europe and China, at the same time major producers are maintaining supply discipline. Brent crude futures were up 40 cents, or 0.6%, at $71.75 a barrel by 0635 GMT, after earlier reaching the highest since September 2019. The international benchmark gained 1.6% on Wednesday. U.S. West Texas Intermediate crude futures rose 34 cents, or 0.5%, to $69.17 a barrel. Prices earlier rose to as much as $69.40, the most since October 2018, after gaining 1.5% in the previous session.

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GRAPHIC - Asia s crude imports vs. Brent price: tmsnrt.rs/3uGyhqB LAUNCESTON, Australia, June 3 (Reuters) - Crude oil futures have climbed to an 18-month high, but the physical market in the top-consuming region of Asia is lagging the gains amid ongoing soft demand and contracting refinery profit margins. Brent crude futures reached an intraday peak of $71.48 a barrel on Wednesday, the highest since January 2020, before ending at $71.35, while the U.S. benchmark West Texas Intermediate reached $69.00 during the session, its highest since October 2018. The rally in the two biggest crude futures contracts came amid optimism of a rebound in demand, especially in North America and Europe, as well as the decision by the OPEC+ producer group to stick with their plan to gradually ease production curbs through July.

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