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Crude Oil Almost 3% Lower

June 10, 2016 at 23:01 by Vladimir Vyun

Crude oil settled almost 3% lower during the last day of this week’s trading as the number of US oil rigs continued to increase. Baker Hughes reported that the oil rig count increase by 3 this week. The increase followed the previous week’s rise that was the first this year after a long stretch of declines.

The strength of the US dollar was adding to the problems of crude. Furthermore, Indoor Bounce House For Toddlers the end of supply disruptions in various oil producing countries (like Canada) means that talks about oversupply may return.

Hedged funds reduced the number of long positions on US oil according to the CFTC Commitment of Traders report.

July contract for WTI crude oil settled 2.95% lower at $49.07 per barrel on NYMEX today. August Brent crude dropped 2.71% to $50.54 per barrel on ICE.

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