Oil hits new highs on US fuel demand, tighter supply
HOUSTON, Aug 9 (Reuters) - Oil prices hit new peaks on Wednesday with the global Brent benchmark touching its highest since January after a steep drawdown in U.S. fuel stockpiles and tighter supply owing to Saudi and Russian output cuts offset concerns over slow demand from China.
Brent crude was up 44 cents, or 0.51%, at $86.59 a barrel by 12:33 p.m. ET (1633 GMT), having earlier touched $87.65, its highest since Jan. 27.
West Texas Intermediate crude (WTI) gained 39 cents, or 0.5%, to $83.34. The U.S. benchmark touched $84.65, its highest level since November 2022.
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