Oil prices rise $1 on China’s reopening optimism

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Reuters UK

By Emily Chow SINGAPORE (Reuters) -Oil prices rose as much as $1 on Friday, extending gains from the previous trading session on hopes of a China demand boost and after data showed lower fuel inventories in the United States following a winter storm that hit during the year end. Brent crude futures were 94 cents, or 1.2%, higher at $79.63 a barrel at 0345 GMT, after settling 85 cents stronger at $78.69 on Thursday. U.S. West Texas Intermediate crude futures were up 91 cents, or 1.2%, at $74.58 a barrel. They had settled 83 cents higher at $73.67 in the previous session. However, oil prices wer…

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