Monday, 8 August, 2022
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US benchmark oil contract rises 5%

US benchmark oil contract rises 5%

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The main US oil contract, WTI, jumped more than five percent in trading on Friday as supply concerns outweighed recession worries, and as traders began to look ahead to a meeting next week of OPEC+ nations on production.

Around 1430 GMT, WTI was up 5.1 percent to $101.29, while the main international contract, Brent, climbed 3.1 percent to $110.43.