Brent, WTI stay above $115 as oil rally continues

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Crude oil prices surged on Tuesday after reports emerged that coronavirus cases in China are declining while the European Union’s diplomats and officials expressed optimism about reaching a deal on a phased embargo of Russian oil.

As of 1205 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $1.21 (+1.06 percent) to reach $115.45 a barrel. The West Texas Intermediate (WTI), the main oil benchmark for North America, increased to $115.28 a barrel, up by $1.08 (+0.95 percent).

The price for Opec basket was recorded at $113.07 a barrel with an increase of 0.62 percent.—TLTP

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