, with Israel responding to a rocket barrage from Hezbollah by launching a series of strikes in southern Lebanon, sparking fears of an expanding war. Earlier on Wednesday, strikes launched from Lebanon into northern Israel reportedly wounded seven people. Israel responded shortly afterwards by unleashing its fighter jets in a series of strikes into Lebanon’s south, reportedly killing at least four people and wounding dozens of others.
Also driving oil prices on Wednesday was the market’s optimistic view on OPEC’s robust growth forecast; however, while the weekly inventory report from the U.S. Energy Information Administration EIA showed a drop in U.S. fuel stocks, the draw wasn’t big enough to make up for a huge build in crude oil inventory. The EIA estimated a crude build of 12 million barrels for the week ended February 9. At the same time, markets are concerned that the U.S.
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