WTI crude oil's increase expanded to 8%, report: Kuwait reduces some oil production due to depleted storage capacity
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On March 6th, due to Kuwait reducing some oil production because of limited storage capacity, coupled with the interruption of liquefied natural gas supply from Qatar, WTI crude oil's increase expanded to 8%. This week, WTI crude oil has risen nearly 30%, while Brent crude oil has increased over 23%. The main risk facing the market is the continued closure of the Strait of Hormuz, which carries about one-fifth of global oil transportation, as shipping has nearly come to a standstill due to the US-Iran conflict
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