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Clashing Fundamentals Keep Crude Oil from Rebounding

August 14, 2018 at 18:54 by Vladimir Vyun

Futures for crude oil traded almost flat today amid clashing fundamentals, though just recently they have went down. On the positive side, the market sentiment improved after fears about the Turkish financial crisis eased, allowing the stock market to recover. Crude followed stocks, halting its fear-induced decline. Additional positive factor for the commodity were the reports about the oil production cut by Saudi Arabia.

Yet the Turkish crisis was not over. As a result, the US dollar touched the highest level in more than a year against the basket of major currencies. That put pressure on commodities priced in the US currency, including crude oil.

Futures for delivery of WTI oil declined 0.22% to $67.05 per barrel as of 18:41 GMT on NYMEX today. October contract for Brent grade of crude fell 0.17% to $72.49 per barrel on ICE.

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