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Oil Rises on Refinery Summer Run-Up
Oil rose amid dollar weakness while traders pointed to the highest refinery runs in the US since 2019 as a harbinger of strong summer demand to come. West Texas Intermediate settled above $72 a barrel on Wednesday after a government report showed refineries increasing their crude processing to the highest since August 2019. A build in US gasoline inventories was likely a consequence of refiners ramping up production in preparation for summer demand, said Rob Thummel, a portfolio manager at Tortoise Capital Advisors. "Refined product demand is pretty strong, and it’s just getting started," said Thummel. The report ... (full story)