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Oil prices rose on Thursday, recovering from earlier losses, thanks to the expectation that higher natural gas prices may switch to oil to meet the need for fuel for heating as winter approaches.
Brent crude futures rose 28 cents, or 0.3 percent, to $ 83.46 a barrel at 0107 GMT after falling 0.3 percent on Wednesday.
U.S. West Texas crude deals were also up 22 cents, or 0.3 percent, at $ 80.66 after falling 0.3 percent the previous day.
Hiroyuki Kikukawa, general manager of Nissan Securities Research, said: “Investors are betting that higher gas prices will encourage power plants to switch to oil as winter demand approaches.
Concerns over tighter commodities also supported prices after the U.S. Energy Information Administration said Wednesday that crude oil production in the United States, the world’s largest producer, will fall again in 2021 than previously expected before rising again in 2022.
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