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Crude Oil Boosted by US SPR Buying and Defies Soft China Data. Higher WTI?

May 16, 2023

Via: DailyFX

Crude oil nudged slightly higher on Tuesday after notable gains in the North American session after it was announced 3 million barrels will be bought to replenish the depleted supplies at the Special Petroleum Reserve (SPR).

The WTI futures contract is near US$ 71.50 bbl while the Brent contract is a touch above US$ 75.50 bbl.

The rally was little impeded despite soft Chinese data revealing that the reopening from Covid-19 restrictions is yet to deliver the economic expansion that the government and the market had been hoping for.

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