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Crude Oil Attempts to Bounce on Tuesday After Falling on Monday

February 7, 2017 at 2:05 by Vladimir Vyun

Crude oil was attempting to recover during the Asian trading session on Tuesday after falling on Monday. Prices for oil fell yesterday, demonstrating the biggest one-day drop since mid-January, as traders were concerned that growing US output will negate any effect that production cuts announced by the Organization of Petroleum Exporting Countries could have had on the market. According to Baker Hughes, the number of US oil rigs increased by 17 last week. It was the third consecutive weekly increase and the thirteenth in fourteen weeks.

The current attempt of oil prices to rise can be explained by various factors. One of them is growing tension between Iran and the United States after the Middle Eastern country performed missile launch tests just a week after firing a ballistic missile, straining relationships between the two nations.

March contract for WTI crude oil gained 0.36% to $53.20 per barrel as of 1:43 GMT on NYMEX today after tumbling 1.5% yesterday. Brent crude for delivery in April advanced 0.39% to $55.94 per barrel on ICE following the slump by 1.9%.

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