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On Thursday, oil prices gained about 3% to a one-week high on a weaker U.S. dollar, and a jump in refinery runs in top crude importer China. Brent crude futures rose $2.47, or 3.4%, to settle at $75.67 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.35, or 3.4%, to settle at $70.62. Those were the highest closes for Brent and WTI since June 8. Data on Thursday also showed China’s oil refinery throughput rose 15.4% in May from a year earlier, hitting its second-highest total on record. Chinese oil demand is expected to keep climbing at an assured rate during the second half of the year, said Kuwait Petroleum Corp’s chief executive.

Oil futures up 3% on strong China refinery data, weaker US dollar

On Thursday, oil prices gained about 3% to a one-week high on a weaker U.S. dollar, and a jump in refinery runs in top crude importer China. Brent crude futures rose $2.47, or 3.4%, to settle at $75.67 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.35, or 3.4%, to settle at $70.62. Those were the highest closes for Brent and WTI since June 8. Data on Thursday also showed China’s oil refinery throughput rose 15.4% in May from a year earlier, hitting its second-highest total on record. Chinese oil demand is expected to keep climbing at an assured rate during the second half of the year, said Kuwait Petroleum Corp’s chief executive.

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