Oil price gains capped by jump in US crude stocks

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MANCHESTER, England (Reuters) -Phil Foden scored a stunning hat-track as Manchester City crushed Aston Villa 4-1 on Wednesday to keep their hopes of retaining the Premier League title very much alive.

Brent futures rose 43 cents, or 0.5%, to settle at US$89.35 a barrel, and US West Texas Intermediate futures gained 28 cents, or 0.3%, to US$85.43 a barrel.

Both contracts were up more than a dollar earlier in the session due to growing concerns about the potential for a supply deficit during the peak summer driving season. "If those compensation cuts get implemented, and Russia switches their export cuts to crude cuts, Opec+ production should trend lower in the second quarter – a period when demand seasonally picks up," UBS analyst Giovanni Staunovo said.

In the Middle East, Iran has vowed revenge against Israel for an attack on Monday that killed high-ranking Iranian military personnel. Iran is the third-largest producer in Opec.

 

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