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Oil Gains as Traders Grapple With Tight Supplies, Demand Cuts

  • US President Biden urges gas-station companies to lower prices
  • Global crude market remains in bullish backwardated structure
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WATCH: Oil seen at $100 in fourth quarter, says Vivek Dhar, mining and energy commodities analyst at Commonwealth Bank of Australia.Source: Bloomberg
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Oil rose as investors weighed solid physical market signals against concerns that a global slowdown will erode demand

West Texas Intermediate futures rose above $110 a barrel, erasing earlier losses, while trading volumes were curtailed by the US Fourth of July holiday. Vitol Group, the biggest independent oil trader, warned over the weekend that surging fuel costs are starting to hurt demand.