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Record U.S. Crude Exports
Push Oil Prices Higher
By Editorial Dept - Oct 28, 2022, 8:00 AM CDT
December WTI crude oil futures finished higher on
Thursday, putting the market in a position to close
higher for the week. The bullish price action was
fueled by a number of factors including optimism
Over record U.S. crude exports, signs that recession
fears are fading anda weaker U.S. Dollar. Helping to
put a cap on gains were worries over demand from
China.
Longer-term traders noted that the start of OPEC+
production cuts and the European Union's embargo
on Russian crude oil were also underpinning prices all
week.