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Oil prices climbed nearly 2% Tuesday to reach their highest level in two weeks, with the US Federal Reserve lowering interest rates this week for the first time in more than a decade, boosting expectations demand from the world's largest consumer of oil.
US crude inventories are also expected to fall for the seventh straight week.
Brent for September delivery rose $ 1.01, or 1.6%, to $ 64.72 a barrel, while West Texas Intermediate crude increased $ 1.18, or 2.1%, to close at 58.05 dollars.
The crude has reached its highest closing level since July 15 for a fourth consecutive session.
But at the month level, crude is expected to decline further due to lingering concerns over oil demand, Brent dropping more than 2% and US crude less than 1%.
"Crude oil has risen today, in part because of another significant drop in stocks this week as well as persistent tensions in the Strait of Ormuz," said Brian Kissins, manager of portfolio at Turtweiss Energy Management. . "
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