Crude gives up early revenues, although market is still backed

Crude gives up early revenues, although market is still backed

On Wednesday, crude prices gave up some early revenues because experts warned of a downward correction, although remained well backed on the back of tightening supply as well as strong global demand

Tighter fundamentals have raised both benchmarks approximately 13% above levels in early December, underpinned by output curbs by OPEC as well as Russia, and also by healthy demand surge.

Brent crude futures showed $69.23 a barrel, adding 8 cents from their previous settlement, although sliding from a maximum of $69.37 in the day. On Monday, Brent added to $70.37 a barrel, which happens to be its highest value since December 2014 - the very beginning of a three-year crude price dive.

American West Texas Intermediate crude futures demonstrated $63.84 a barrel, losing from a maximum of $63.89 earlier, although growing 11 cents from their previous close. On Tuesday WTI showed $64.89, which is the highest reading since December 2014.

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