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Oil Up on CPI Data

OIL

Oil prices have gained strength as US inflation data came in lower than estimates.

  • Crude was already up for a second day on further signs of easing restrictions on Covid in China. Domestic air travel in particular has shown a sharp recovery – though rising cases in major cities has tempered much upside.
  • The Keystone pipeline remains shut with little news on its potential re-opening.
  • Brent FEB 23 up 2.3% at 79.76$/bbl
  • WTI JAN 23 up 2.2% at 74.81$/bbl

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