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Oil Rises Amid Broader Risk On Sentiment
Oil rose amid risk-on sentiment in broader markets and signs that Russia is making good on its pledge to curb supplies. Russia’s seaborne crude flows sank to a six-month low in the latest four-week period. Meanwhile, stocks advanced as a weaker-than-expected US retail report prompted speculation that the Federal reserve will slow, or stop, future rate hikes after its July meeting. West Texas Intermediate settled near $76 a barrel after dropping in the previous two sessions on the return of a major Libyan oil field and concerns about China’s economy. As Russian oil is becoming more expensive, buyers such as India ... (full story)