The WTI Crude oil futures edged up further today, consolidating at seven-year high as an outage on a pipeline from Iraq to Turkey boosted the prices and the commodity successfully managed to extend the recent break above $80 per barrel mark. The WTI crude futures are up 0.78% to $85.50 a barrel, adding to a 1.9% gain on Tuesday. WTI earlier broke above $87 per barrel mark in intraday moves but weak Asian equities capped the upside for the commodity. Turkeys state pipeline operator Botas said on Tuesday that it cut oil flows on the Kirkuk-Ceyhan pipeline after an explosion on the system. The oil market has been focusing on supplies in last few days even as the Covid-19 continues to be a broad concern. An average of more than 750,000 new Covid-19 infections were reported every day over the past week, according to Johns Hopkins University data.
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