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Crude Oil Extends Gains as Dollar Weakens

February 13, 2015 at 18:26 by Vladimir Vyun

Futures for crude oil continued to rally, extending yesterday’s gains. The major reason for the rally was the weakness of the US dollar following disappointing macroeconomic data from the United States. Some analysts also think that falling earnings of oil companies following the collapse of prices will result in lower output. This, in turn, should help to alleviate oversupply on the market.

While the greenback affected the commodity market, the rise of crude oil had its influence on currencies as well, especially those of export-oriented economies. The Canadian dollar in particular profited from the oil rally because crude is Canada’s main export.

March futures for WTI crude oil jumped 3.46 percent to $52.98 per barrel as of 18:23 GMT on NYMEX today. April futures for delivery of Brent crude rallied as much as 3.59 percent to $61.41 per barrel on ICE.

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