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Oil Rises On a Drop in Russian Supply

Oil prices rose by 1$ today on fears of a drop in Russian crude supply,which

helped offset worries in the U.S as a looming Arctic Storm jeopardizing travel

during the Christmas Holidays season.

Brent Crude was up by 73 cents, or 0.9%, to $81.71 a barrel by 0715 GMT, while

U.S. West Texas Intermediate (WTI) crude was at $78.40 a barrel, up 91 cents, or

1.2% higher.


Russia may cut oil output by 5%-7% in early 2023 as it responds to price caps on

its crude and oil products by halting sales to the countries which support them, the

RIA news agency cited Deputy Prime Minister Alexander Novak as saying on

Friday.


U.S. crude stocks fell more than expected in the week to Dec. 16 as imports

dropped sharply, the Energy Information Administration said, with inventories

falling by 5.9 million barrels to 418.2 million barrels versus forecasts for a 1.7

million-barrel drop.

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