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Oil Gains on Supply Concerns
Oil prices rose today Tuesday as oil supplies deteriorated due to attacks on energy infrastructure in the Gulf, particularly the halt of the East-West pipeline, raising concerns over a global supply shortage. Brent crude increased by $1.37 to reach $107.05 per barrel, while West Texas Intermediate rose to $102.92. Fears also grew about the depletion of Saudi oil reserves and the possibility of continued export disruptions, which could potentially pull 4% from the global oil supplies.
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