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Crude Gains More than 2% on Range of Positive Factors

June 7, 2019 at 22:23 by Vladimir Vyun

Crude oil rallied more than 2% today. The commodity was benefiting from the same reasons as some other raw materials — the weakness of the US dollar that followed abysmal US employment data and speculations about interest rate cut by the Federal Reserve.

But crude also had its own bullish factors. One of them were signals from Saudi Arabia that the OPEC+ production cut deal will be extended till the end of the year, with Russia remaining in the agreement. Another one was the oil rig count from Baker Hughes that showed a decline of the number of US oil rigs by 11 to 789 this week.

Contract for delivery of WTI crude oil in July jumped as much as 2.66% to trade at $53.99 per barrel as of 22:14 GMT on NYMEX today. August futures for delivery of Brent crude added as much as 2.63% to their value to $63.29 per barrel on ICE.

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