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21.08.202501:03:51UTC+00Brent Edges Up Amid US Stocks Draw

Brent crude oil futures climbed close to $67 per barrel on Thursday, continuing the upward momentum from the prior session. This increase was largely driven by a larger-than-anticipated decline in US crude inventories. According to the latest data from the Energy Information Administration (EIA), crude stockpiles decreased by 6 million barrels, bringing the total down to 420.7 million barrels last week. This drop surpasses the forecasted reduction of 1.3 million barrels. Simultaneously, market participants are attentively watching developments in the Russia-Ukraine peace discussions, following a series of high-level negotiations facilitated by US President Donald Trump. A breakthrough in these talks, potentially leading to the easing or lifting of sanctions on Russian crude exports, could have a significant effect on global supply dynamics. Nonetheless, crude prices have fallen over 10% this year due to concerns of an oversupply as OPEC+ resumes previously halted production, and Trump's trade tariffs raise concerns about oil demand.

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