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Crude Oil Extends Gains to 11-Month Highs

WTI crude futures traded higher at $53 per barrel on Tuesday, their highest level since February 2020, as US crude inventories are seen falling for a fifth straight week and as investors expect President-elect Joe Biden to deliver “trillions” in extra pandemic-relief spending when he takes office next week.

Prices have been recently supported by Saudi crude output cuts and hopes of a quicker economic recovery in 2021.

Meanwhile, investor worries over climbing coronavirus cases globally continued, as nations around the globe extend or reinstate lockdowns to combat the rapid spread of the pandemic.

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