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Reabold Resources plc

Brent oil rises above $60, buoyed by U.S. inventory drawdown

Prices for Brent oil rose above $60 a barrel for the first time in over a week on Wednesday amid data that showed a larger-than-expected drawdown in U.S. crude inventories, but ongoing worries about a global economic recession capped gains.

Brent crude had risen 13 cents, or 0.2%, to $60.16 a barrel by 0136 GMT, after settling 0.5% higher on Tuesday.

U.S. crude was up 12 cents, or 0.2%, at $56.25 a barrel.

Reabold Resources plc (LON:RBD) is an investor in near-term, high growth upstream oil & gas projects where an injection of its capital facilitates near-term activity. Reabold’s assets include Monroe Swell, West Brentwood & Grizzly Island, in California, US.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.