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Crude Oil Bounces, Getting Support from Weakening Dollar

March 20, 2015 at 19:50 by Vladimir Vyun

Crude oil gained today following previous losses. As most other commodities, crude rallied with the help of the declining US dollar.

Earlier, prices for oil were falling following comments of Kuwait’s Oil Minister Ali al-Omair. He said that the Organization of Petroleum Exporting Countries has no choice but maintain supply if it wants to keep its market share. Bearish supply report from the the Energy Information Administration released on Wednesday was not helping the commodity either.

Market analysts are still having concerns about possible drop to new lows. Some say that prices may decline below the $40 mark.

April futures for WTI crude oil surged as much as 4 percent to $45.72 per barrel on NYMEX. May contract for Brent crude advanced 1.49 percent to $55.24 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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