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Business•JAN 3, 2025

Oil Prices Surge as Supply Constraints and Rising Demand Push Markets Higher

The global oil market saw a significant surge in prices as Brent crude climbed past $80 per barrel, marking a sharp 2% increase from the previous day. West Texas Intermediate (WTI) crude also rose, closing at $76 per barrel. This price hike has been attributed to a combination of supply constraints and a resurgence in global demand, driven by economic recovery across major markets.

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