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Crude Oil Bounces in Monday’s Sluggish Trading

May 29, 2017 at 21:17 by Vladimir Vyun

Crude oil dropped today following steep losses last week. Today’s trading was sluggish due to public holidays in the United States, Great Britain, and China.

Crude sank on Thursday as traders felt disappointed by the announcement of production cuts extension by the Organization of Petroleum Exporting Countries. They were concerned that without deeper cuts the OPEC will not be able to achieve its goal of reducing global glut as US producers ramp up output.

Talking about US oil production, Baker Hughes reported that the number of US oil rigs increased by 2 last week. The amount of rigs was steadily gaining for 19 consecutive weeks. The total number of US oil rigs reached 722 — the highest number since April 2015.

July futures for WTI crude oil gained 0.38% to $49.99 per barrel as of 21:05 GMT on NYMEX today. Contract for Brent added 0.22% to $52.29 per barrel on ICE.

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