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Oil rises despite fears of a global economic downturn

August 12, 2019

Oil prices rose on Monday despite worries about a global economic slowdown and the ongoing U.S.-China trade war, which has reduced demand for commodities such as crude.

International benchmark Brent crude futures were at $58.65 a barrel, up 10 cents from their previous settlement. U.S. West Texas Intermediate (WTI) futures were at $54.74 per barrel, up 22 cents from their last close.

Both benchmarks had fallen earlier in the day, with Brent hitting a session low of $57.88 and WTI a session low of $53.54.

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