Crude oil strengthened further in European session as both the International Energy Agency (IEA) and the OPEC raised their forecasts on global oil demand as global economic recovery provides support for oil consumption. Also supporting oil prices was China’s trade data in September. Strong imports for crude oil indicate resilience in domestic demand. WTI crude oil price soared to 82.9, up from yesterday’s close of 81.67.
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Crude Surges amid Demand Upgrades. China Imports Reach Record High
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