Crude oil prices rebound by 1% on Wednesday as risk sentiment was lifted by upbeat U.S. corporate earnings and rising equity markets. Investors jumped into riskier assets such as commodities amid gains in broader equity markets. Besides, tighter supply conditions as the OPEC+ production cut, which comes ahead of a European Union embargo on Russian oil, will squeeze supply in an already tight market, kept prices elevated. Meanwhile, U.S. crude oil stocks fell by about 1.3 million barrels for the week ended Oct. 14, according to market sources citing American Petroleum Institute figures on Tuesday. WTI Crude oil futures were quoting higher by 0.93% at $82.83 per barrel. Powered by Commodity Insights
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