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Saudi Arabia’s suspension of crude shipments through Red Sea shipping lane and EIA’s data showing fall in US inventories, today, sent oil prices higher. Brent crude futures rose by 0.6%, priced at $74.40 a barrel. WTI crude futures were up by 1%, traded at $69.35 a barrel. Houthi rebels had attacked two Saudi VLCCs traveling through the Red Sea yesterday, post which Saudi halt all shipments through that channel.
