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WTI Crude Oil Prices Surge Amid Supply Concerns and Cold Weather Demand
WTI crude oil prices are on the rise, with futures trading at $76.89 as fears of tighter supply and rising seasonal demand drive the market. The rally comes amid escalating sanctions on Russian and Iranian oil, reduced OPEC output, and surging heating oil demand caused by extreme cold weather in the U.S. and Europe. Western sanctions on oil exports from Russia and Iran have decreased global supply, increasing the demand for Middle Eastern crude. Saudi Arabia has recently increased its February oil prices for Asia and Europe, representing the first rise in three months, indicating tighter market conditions. Moreover, ... (full story)