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Increased Demand in the US Props Brent Up

Brent crude oil neared $110 on Thursday morning despite a strong dollar and traded at $109.87 at 10:48 GMT.

Optimism about demand growth in the US lent support to Brent prices after the nation's oil inventories unexpectedly dropped. CNBC reported that refinery utilization rate increased in the US, so the falling inventories suggests that there is a renewed demand.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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