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Axios

Oil prices rise to 1-year high

Data: FactSet; Chart: Axios Visuals

Oil prices rose almost 2% on Wednesday, with a barrel of U.S. West Texas Intermediate (WTI) crude touching its highest since January 2020.

Driving the news: The jump in oil prices followed government data showed that U.S. crude stockpiles fell to their lowest since March, while OPEC+ maintained its supply cut agreement.

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