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Oil prices rise on signs of strong US demand as fuel stocks drop
Business World Philippines
|June 27, 2025
Oil prices rose nearly 1% on Wednesday, recovering from a sharp slide early this week, as data showed relatively strong US demand, and as investors assessed the stability of a ceasefire between Iran and Israel.
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Brent crude futures settled 54 cents higher, or 0.8%, at $67.68 a barrel, while US West Texas Intermediate crude (WTI) ended up 55 cents, or 0.9%, at $64.92, both paring some of the 13% losses made earlier in the week.
After US President Donald J. Trump announced the ceasefire on Tuesday, Brent settled at its lowest since June 10 and WTI ended at its lowest since June 5 on the reduced Middle East supply risk.
Oil prices had rallied after June 13, when Israel launched a surprise attack on key Iranian military and nuclear facilities.
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