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Oil Gains as Demand Optimism Offsets Fears of Supply Glut

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Oil rose on Wednesday as worries about an increase in supplies from Iran were offset by optimism about improving U.S. fuel demand that was reinforced by a drop in weekly inventory estimates.

Brent crude oil futures for July rose 44 cents, or 0.6, to 69.09 a barrel by 0710 GMT, while U.S. West Texas Intermediate WTI crude for July was at 66.35 a barrel, up 28 cents, or 0.4.

Both benchmarks had edged higher on Tuesday, ending at their highest levels in a week, amid hopes for higher demand during the northern hemispheres summer driving season and a lifting of coronavirus curbs.

U.S. crude oil and fuel inventories fell last week, said two market sources, citing Tuesdays American Petroleum Institute figures.

Crude stocks fell by 439,000 barrels in the week ended May 21. Gasoline inventories fell by 2 million barrels and distillate stocks fell by 5.1 million barrels, the data showed, according to the sources.

Brent crude oil futures for July rose 44 cents, or 0.6, to 69.09 a barrel by 0710 GMT, while U.S. West Texas Intermediate WTI crude for July was at 66.35 a barrel, up 28 cents, or 0.4.

Both benchmarks had edged higher on Tuesday, ending at their highest levels in a week, amid hopes for higher demand during the northern hemispheres summer driving season and a lifting of coronavirus curbs.

U.S. crude oil and fuel inventories fell last week, said two market sources, citing Tuesdays American Petroleum Institute figures.

Crude stocks fell by 439,000 barrels in the week…

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