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Oil Advances to Eight-Month High on Demand Optimism

Oil is on the rise, showing gains at their highest level since March in the American and Asian market. With optimism surrounding a COVID-19 vaccine and a swift recovery in global energy demand, the longer-term outlook for crude oil has surged seeing a rise of more than a quarter this month alone. With the market’s prospects picking up, Brent crude could reach $60 a barrel by the summer of 2021, according to Bank of America Corp. Meanwhile, the American Petroleum Institute reported a 3.8 million-barrel increase in U.S. crude inventories which would be a 3rd straight week of gains. Read more

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