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Crude Oil Prices Extending Gains After US Inventories Decline By 3.1 Mln

WTI  Crude Oil held its recent advance to above $76 per barrel on Wednesday, after an industry report showed that US crude inventories declined by 3.1 million barrels last week, exceeding estimates for a 0.2 million barrel drop and compared to the prior week’s 7.8 million barrel build-up.

Russian seaborne crude shipments also collapsed in the first full week of the latest G7 sanctions, while TC Energy Corp postponed the full return of its Keystone pipeline by a week, as reported by Bloomberg.

Elsewhere, oil prices remain buoyed by a strengthening demand outlook in top crude importer China, as the country appeared intent on ending its strict zero-Covid policy and delivering more pro-growth measures centered on reviving consumption.

Meanwhile, investors remain cautious as major central banks are expected to tighten policy further, raising the risk of a global economic slowdown next year.

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