Oil climbs on drop in U.S. oil stockpiles, solid demand outlook

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Oil prices rose on Wednesday, extending overnight gains, after industry data showed a drop in U.S. crude inventories, which reinforced OPEC's robust demand outlook, and as the shutdown of the biggest U.S. fuel pipeline headed into a sixth day.

U.S. West Texas Intermediate crude futures rose 21 cents, or 0.3%, to $65.49 a barrel at 0013 GMT, adding to a 36 cent rise on Tuesday.

"Crude oil gained as investors continue to bet on a bright outlook for demand. A weak U.S. dollar also lent support," ANZ Research said in a note. The drop was slightly less than expected. Eight analysts polled by Reuters had estimated, on average, that crude stocks fell by 2.8 million barrels.

 

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So Russia’s cyber attack in the US worked. Russia is a Petro state so rising oil prices help them (at least the people running the country).

Someone explain how that works to Republicans.

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