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Oil prices rose more than 1 dollar a barrel on Friday, under the effect of declining European stocks and reduced production driven by OPEC, despite a report EIA showing the lowest level of growth in demand since the 2008 financial crisis.
Brent crude futures closed the session Friday up $ 1.15, or 2%, to settle at 58.53 dollars a barrel. US West Texas Intermediate (WTI) crude futures futures advanced $ 1.96, or 3.7%, to $ 54.50 per barrel.
The IEA said global oil demand from January to May had risen at the slowest pace since 2008, penalized by growing signs of an economic slowdown and intensification of the trade war between the United States and China.
Oil prices were supported by data showing a slight decline in global crude oil and oil inventories in 16 European countries in July compared with the previous month.
But oil prices remain about 20% lower than their highest in the year in April.
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