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Oil settled higher on a weaker US dollar, record high US crude export

Oil settled higher on a weaker US dollar, record high US crude export



International benchmarks for crude oil extended the upswing on Wednesday, 26 October 2022 as the US dollar continues to weaken against the currency basket. Investors shrugged off report on the 2.6 million barrels built up in US commercial crude inventories last week to focus on the surge in the crude export figure that stood at 5.1 million barrels per day. 

Brent settled up $2.17 or 2.3% at $95.69/barrel. 

WTI added $2.59 or 3% to close at $87.91/barrel.