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Demand Boost to Oil Prices as IEA Flags 'Extraordinary Gains'

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Oil prices rebounded from last week's lows after the International Energy Agency (IEA) declared “extraordinary gains” in global oil demand driven by fuel switching from natural gas in the power and industrial sectors. International benchmark Brent gained $5.48 per barrel over the week to close at $99.60/bbl Thursday, while US price-pin West Texas Intermediate ended the week $5.80/bbl higher at $94.34/bbl. Brent has still fallen $30/bbl from its $123.58/bbl peak on Jun. 8.

Jet Fuel, Oil Spot Markets, Crude Oil
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