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Oil Holds at Highest Since February

Oil prices held at their highest since February on Wednesday, with WTI trading above $53 a barrel and Brent over $56.5 a barrel, after API data showed US crude stocks fell for the third week by a faster-than-expected 5.821 million bpd.

EIA data will be released later in the day. The oil market is also being supported by imminent US fiscal stimulus and Saudi Arabia’s pledges to limit supply.

Keeping a lid on prices were persistent demand concerns as coronavirus cases rise around the world.

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