Oil edges closer to $95 a barrel as global market tightens up

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Brent for November settlement rose 0.2% to $94.15 a barrel at 9:31 a.m. in London

Oil crept higher toward $95 a barrel, extending a powerful surge that has been driven by bumper demand and supply cuts from OPEC+ leaders Saudi Arabia and Russia.

Crude in London is up almost 10% this year as the OPEC+ linchpins curb production and the demand outlook brightens, with the US potentially avoiding recession just as refiners in China go all-out. Against that backdrop, crude stockpiles have dropped, while speculators boosted net-bullish wagers on Brent and US benchmark West Texas Intermediate to a combined 15-month high.

 

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