FURY FOR SMARTGAGA & GAMELOOP PUBG MOBILE 1.7 EW STATE


FURY FOR SMARTGAGA & GAMELOOP PUBG MOBILE 1.7 EW STATE 



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Global benchmark Brent crude and US West Texas Intermediate crude have traded at their highest levels since the emergence of the mutated Omicron strain of the Corona virus in late November, as it did not damage demand for fuel as much as its predecessors. And


Brent crude rose 22 cents, or 0.3 percent, to $ 83.94 a barrel by 0224 GMT, after jumping 3.5 percent in the previous session.


US crude was not less fortunate than Brent, as it also rose 38 cents, or 0.5 percent, to $ 81.60 a barrel, consolidating its 3.8 percent rise in the previous session.


On Tuesday, US Central Bank Governor Jerome Powell said that the world's largest economy can withstand the current jump in Covid-19 infections with "short-term" effects, adding that the "long way" to tighten monetary policy.


“The long road to normal means the economy will continue to see a lot of support during the first half of the year and this is good news for prices,” said Oanda analyst Edward Moya.


Meanwhile, American Petroleum Institute data showed a weaker picture of fuel demand, with a slightly lower-than-expected crude oil stockpile and a larger-than-expected increase in gasoline and distillate stocks.


Crude stocks fell 1.1 million barrels for the week ending January 7, according to market sources, citing figures from the American Petroleum Institute.


This is less than the 1.9 million barrels expected by 10 analysts polled by Reuters.


Gasoline stocks rose 10.9 million barrels, compared to analysts' expectations for an increase of 2.4 million barrels, and distillate stocks, which include diesel and heating oil, rose 3 million barrels, compared to expectations for an increase of 1.8 million barrels.


However, the US Energy Information Administration raised its forecast for oil demand on Tuesday revived the market, as it expected total US demand to rise 840 thousand barrels per day in 2022 from last year, up from previous expectations of an increase of 700 thousand barrels per day.


At the same time, the Energy Information Administration lowered its production forecast for 2022, forecasting US oil production to rise by 640,000 barrels per day, down from its previous forecast of an increase of 670,000 barrels per day.

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