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Oil Rebounds After Biggest Drop in Decades at Start of Year

Started by Epoch-Times-Bot, Jan 05, 2023, 06:30 AM

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Epoch-Times-Bot

Oil Rebounds After Biggest Drop in Decades at Start of Year

LONDON—Oil rebounded over 2 percent on Thursday after posting the biggest two-day loss for the start of a year in three decades with the shutdown of a U.S. fuel pipeline providing support, though economic concerns capped gains.
Big declines in the previous two days were driven by worries about a global recession, especially since short-term economic signs in the world’s two biggest oil consumers, the United States and China, looked weak.
Helping drive the gains on Thursday was a statement from top U.S. pipeline operator Colonial Pipeline, which said late on Wednesday its Line 3 had been shut for unscheduled maintenance with a restart expected on Jan. 7....

Source: Oil Rebounds After Biggest Drop in Decades at Start of Year


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