Oil prices bounced back on Wednesday following a decline over several days, driven by a drop in U.S. crude inventories. Meanwhile, hopes for an imminent ceasefire agreement in the Middle East prevented prices from rising further.
Brent crude futures for September climbed 46 cents to reach $81.47 per barrel as of 0020 GMT. Similarly, U.S. West Texas Intermediate crude for September rose by 42 cents to $77.38 per barrel.
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