Oil extends rally as focus shifts from OPEC+ cut to inventories

Oil increases further on Wednesday due to a drop in US crude stockpiles, adding to the upward trend in oil prices caused by the unexpected cut in production by OPEC+.

By Yongchang Chin, bloomberg news

Oil rose as signs of a further drawdown in US inventories helped prices to extend a rally driven by an unexpected OPEC+ supply cut.

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