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Brent crude and West Texas Intermediate are trading higher today and halt a two-day decline as an attack on Libya's main export terminal Es-Sider caused a fire destroying up to 800,000 barrels of crude. The fires started on December 25th. Today the fires on three out of five oil-tanks were extinguished. Oil prices were further supported by China's and Japan's plans to boost their economies. The People's Bank of China plans to loosen loan-to-deposit ratios for banks from next year and the BoJ approved a USD29 billion stimulus.
Oil has slumped about 21 percent since OPEC decided against cutting its production target last month. Prices have tumbled by half since June amid surging production and slower-than-expected demand growth. Output in the U.S. is the highest in three decades.
Brent Crude added +0.76%, currently trading at USD59.90 a barrel, hitting the important level of USD60 earlier in trading today. West Texas Intermediate rose +0.93% currently quoted at USD55.24.
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