Crude oil prices rallied, with both WTI and Brent contracts soaring to the highest levels this year, as US inventory increased much less than expected. The front-month WTI crude contract rose to as high as 56.69 before ending the day at 56.39, up +5.81%, whilst the Brent crude contract jumped to 63.47 before settling at 63.32, up +8.37%. Geopolitical tensions added further support as the conflict in Yemen halved its crude output whilst Iran insisted that it would only sign a nuclear deal with the Western powers if they agree to simultaneously lift all sanctions.
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Crude Prices Jumped to Year-High as Inventory Increased Only Modestly
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