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Oil futures open higher on IEA supply warning

Oil futures rose in early trading on Thursday, recovering some of the prior day’s losses, after the International Energy Agency (IEA) said a decline in oil demand due to higher prices would not offset a shut-in of Russian oil supplies. Front-month Brent crude futures were up about 66 cents, or 0.67%, to $98.68 a barrel at 1222 GMT , while U.S. West Texas Intermediate (WTI) crude was up 84 cents, or 0.86%, to $95.86 a barrel. U.S. crude had settled down 1.08% at $95.04 a barrel, while Brent settled down 1.9% at $98.02 a barrel.

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