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Brent, US crude rally on low North Sea supply, stimulus hopes
NEW YORK |
NEW YORK Aug 7 (Reuters) - Brent and U.S. crude futures gained further ground on Tuesday in a rally sparked by potential record low output in the North Sea in September, hopes for more U.S. Fed stimulus for the economy and tensions in the Middle East.
In London, September Brent crude rose to a session high of $112.56, up $3.01, or 2.75 percent, the highest intraday for front-month Brent since May 15. U.S. crude advanced to a session high of $94.42, up $2.22, or 2.41 percent, the highest for front-month NYMEX crude also since May 15. (Reporting By Gene Ramos; editing by Jeffrey Benkoe)
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