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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