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Crude Oil Up On Reduced Saudi, Iraq Exports And Stronger Demand Signs

Crude oil saw a notable uptick of 1.25% yesterday, closing at 6887, driven by several factors including reduced crude exports from Saudi Arabia and Iraq, alongside signs of stronger demand and economic growth in China and the United States. However, gains were tempered by the prospect of increased oil exports from Russia, particularly as Ukrainian attacks on oil infrastructure curtailed domestic refining activity. Despite the positive momentum in global oil markets, Russia announced plans to boost oil exports through its western ports in March, potentially adding nearly 200,000 barrels per day (bpd) to its monthly plan of 2.15 million bpd.

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