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Oil prices increase amid signs of improving demand

Oil prices have increased amid signs of improvement in fuel demand and a fall in the US crude stocks.

But lingering concerns over the economic disruption from the Covid-19 outbreak, especially in the US, capped gains.

Brent crude futures for July delivery LCoc1 rose $0.23 to $34.88 a barrel, while US West Texas Intermediate (WTI) crude futures for July CLc1 increased $0.14 at $32.10 per barrel, Reuters reported.

Both Brent and US crude benchmarks have witnessed gains over the past three weeks, supported by record output cuts by OPEC+ Group and signs of recovery in fuel demand.

Solo Oil PLC (LON:SOLO) is an investment company with the target of acquiring a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, both on-shore and off-shore.

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