As oil prices near 2 – year high WTI enters backwardation

As oil prices near 2 – year high WTI enters backwardation

Oil rose to its highest level in 2 years on Wednesday, after United States industry data showed crude stockpiles resumed declines and as investors await a decision by Organisation of Petroleum Exporting Countries (OPEC) on extending output cuts. West Texas Intermediate (WTI) for January delivery gained as much as $1.22 to $58.05 a barrel on…

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