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Oil rises 1% as petroleum demand set to touch record next year

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Tue, 2023-01-10 20:05

HOUSTON: Oil prices climbed marginally on Tuesday as the US government forecast record global petroleum consumption next year and as the dollar hovered at seven-month lows.
Global consumption of liquid fuels is forecast to reach 102.2 million barrels per day in 2024, driven primarily by growth in countries like India and China, reflecting trends in economic activity, the U.S. Energy Information Administration said in its short-term energy outlook.

Brent futures rose 75 cents, 0.9 percent, to $80.40 a barrel by 12:27 p.m. ET (1727 GMT), while US crude gained 80 cents, or 1.1 percent, at $75.45 per barrel. Reuters/File
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