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Crude oil in the USA WTI rose 2.4%, exceeding $80 per barrel.
On the morning of the 18th, Beijing time, WTI crude oil in the United States rose more than 2% on Monday, breaking through $80 per barrel, continuing its upward trend. The West Texas Intermediate crude oil (WTI) futures price for delivery in July on the New York Mercantile Exchange rose $1.88, or 2.4%, to settle at $80.33 per barrel. Brent crude oil futures for delivery in August on the Intercontinental Exchange Europe rose $1.63, or 2%, to settle at $84.25 per barrel. Last week, U.S. WTI crude oil soared nearly 4%, ending three consecutive weeks of decline and marking the best single-week performance since early April.
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USA crude oil rose 0.2% on Thursday and is expected to see an increase this week.
Crude oil futures rose slightly on Thursday morning Beijing time. The latest data shows that US inflation is easing, which may pave the way for the Fed to cut interest rates and boost the economy. The US Labor Department reported on Thursday that the producer price index (PPI) for wholesalers fell unexpectedly by 0.2% month-on-month in May, reversing the upward trend in April. Before the PPI report was released, the consumer price index (CPI) for May showed that consumer prices were flat with the previous month. The July delivery of WTI crude oil futures on the New York Mercantile Exchange rose 12 cents, or about 0.2%, to close at $78 a barrel.
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