On the early morning of the 8th Beijing time, WTI crude oil in the United States closed higher on Wednesday. The decline in US crude oil inventories and the escalation of tensions in the Middle East have boosted oil prices.
The price of West Texas Intermediate (WTI) crude oil futures for September delivery on the New York Mercantile Exchange rose $2.03, an increase of over 2.77%, to close at $75.23 per barrel.
According to data from the US Energy Information Administration (EIA), US crude oil inventories decreased by 3.7 million barrels last week, while gasoline inventories increased by 1.3 million barrels.
In addition, the ongoing tension in the Middle East and the continued implementation of production reduction plans by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have supported oil prices.
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