Oil futures extended the previous day's gains following a large export-driven decline in US crude inventories, but remained within a wide price range as the market awaited developments on the Russia-Ukraine situation.
US inventory data "suggests that oil demand remains relatively strong," while geopolitical and trade concerns kept traders cautious, said Rania Gule of XS.com in a note.
"Price gains are likely to be limited and temporary, as the market faces medium-term oversupply risks, so long-term price support depends on stronger global demand or lower production," she added. WTI rose 0.4% to $62.95 per barrel as the October contract moved into the lead. Brent rose 0.4% to $67.10. (alg)
Source: Dow Jones Newswires
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