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Crude oil futures traded near a three-month high as speculation that China will take further measures to stimulate economic growth due to signs of weakening demand in the U.S.
Also today it was reported that industrial production growth in China slowed, and inflation reduced the fourth consecutive month, providing more opportunities to boost the economy's second-largest oil consumer in the world. Consumer prices in July rose 1.8% year on year, compared with a gain of 2.2% in June.
The data also showed that U.S. oil consumption declined by 1.1% last week, showing in this first fall in the last four weeks. Against this background, OPEC cut its forecast for oil demand
But despite that, oil production in Iraq has grown by more than 3 million barrels a day last month for the first time since 2003.
The cost of the September futures on U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX rose to a high of $ 93.85 per barrel.
September futures price for North Sea Brent crude oil mixture increased to $ 112.47 a barrel on the ICE Futures Europe Exchange.
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