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Economy

“Oil Prices Jump As Key U.S. Supply Data Stuns Again; Output Continues To Plunge”

“U.S. crude production fell to 11.5 million barrels per day from 11.6 million bpd in the prior week, EIA said Wednesday. That’s down from a high of 13.1 million in March and the marked the seventh consecutive decrease…

U.S. crude futures jumped 4.5% to $33.41 per barrel, in the first day for July-delivery contracts taking over as the front month. Brent oil prices climbed 4% to $36.07 per barrel…

Exxon Mobil (XOM) shares rallied 3% on the stock market today, as oil prices continued to rise. Chevron (CVX) rose 2.6%. Among top shale oil stocks, EOG Resources (EOG) climbed 4.8%, and Pioneer Natural Resources (PXD) added 3%…”

Many places are starting to reopen. It’s natural for demand to increase.

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