Oil prices increase on high demand and hopes of further easing in China

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Source: Reuters
Oil advanced as the impact of large global oil supply was countered by seasonally higher demand and Brent futures gained 95 cents, trading at $63.64 per barrel, while WTI futures were up 73 cents to $58.57 a barrel. Oil demand is likely to rise in the summer as people use their cars for holidays, while disappointing data coming from China also supported oil prices through the increased possibility of a looser policy by the PBoC.
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