Brent crude trades above US$87 a barrel

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The Star 2d ago

Brent crude trades above US$87 a barrel - The Star

Quick Summary:

Oil prices for Brent crude hit their highest level since April on Thursday, holding above US$87 after data the previous day showed a decline in US inventories.

Demand concerns were heightened by US data on Wednesday showing that first-time applications for US unemployment benefits increased last week while jobless numbers also rose.

On Thursday, Reuters reported that Russia's oil producers Rosneft and Lukoil will sharply cut oil exports from the Black Sea port of Novorossiisk in July, according to two sources familiar with a loading plan.