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WTI crude breached $111 mark

3:12 PM 5 May 2022

WTI crude prices jumped more than 3.5% after President Biden announced that the United States intends to buy 60 million barrels of crude oil. As reported by CNN, a plan to replenish the Strategic Reserves is to be presented today.

WTI crude oil prices soared above the major resistance zone at $111 a barrel today after the US revealed plans to buy 60 million barrels. Source: xStation 5
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