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Crude Oil Ends Friday Higher on Range of Positive Fundamentals

September 7, 2019 at 0:15 by Vladimir Vyun

Crude oil ended Friday’s trading with gains. Market analysts had various theories explaining the commodity’s good performance. Some said that crude profited from risk appetite caused by China’s efforts to stimulate its economy. Others thought that Federal Reserve’s pledge to act “as appropriate” to bolster the US economy was the driver behind the rally of oil. The decline of the US dollar due to the slower-than-expected growth of US employment helped the dollar-denominated commodity as well.

Baker Hughes reported that US drillers reduced the number of oil rigs by 4 to 738 this week. The number of gas rigs slipped by 2 to 160.

The Energy Information Administration reported yesterday that US crude oil inventories shrank by 4.8 million barrels to 423.0 million barrels last week. The actual drop was twice the forecast amount of 2.4 million barrels.

Futures for delivery of WTI crude oil in October dropped 0.39% to $56.52 per barrel on NYMEX today. November Brent crude jumped 0.97% to $61.54 per barrel on ICE. Natural gas for delivery in October soared as much as 2.51% to $2.50 per million British thermal units.

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