Economic news

Oil prices recover after fall

Brent crude futures rose 76 cents at $48.55 per barrel. The price fell as much as 4.6% on Wednesday, before closing down 3.7%, showing its biggest one-day decline in a month. WTI crude futures rose 79 cents at $45.92 a barrel.

American Petroleum Institute (API) data on Wednesday showed that crude inventories in U.S. fell more sharply than expected, decline 5.8 million barrels in the week to June 30, compared with forecasts of 2.3 million barrels.

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