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Oil Rebounds as OPEC+ Output Cuts Override China, US Demand Concerns

Wednesday, 6 March 2024 15:17 WIB Minyak WTI brent oil Oil, Crude Oil

Oil prices rebounded slightly on Wednesday after extended declines as signs of supply tightness amid output cuts by major producers overrode demand growth concerns in China and the U.S., the world's two biggest crude consumers. Brent crude futures were up 27 cents to $82.31 a barrel at 0745 GMT after falling in the previous four sessions, while U.S. West Texas Intermediate crude futures rose 36 cents to $78.51 a barrel, after declining the past two days. China's economic growth target for 2024 of around 5% set on Tuesday lacked big-ticket stimulus plans to prop up the country's struggling economy, which increased concerns that demand growth in the country may lag this year. "The market...

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