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Crude Oil Gains After Failing to Rally on Monday

July 24, 2018 at 17:50 by Vladimir Vyun

Futures for crude oil gained today following Monday’s failed attempt to rally. Traders were more interested in crude due to reports that China is going to invest into infrastructure. The increasing infrastructure spending should be a result of the Asian nation’s potential return to policy of economic stimulus. While China has dropped such approach due to fear of overheating the economy, the brewing trade war between the United States and China spurred the world’s second biggest economy to take steps to support economic growth. And that promises higher demand for fuel and energy, leading to higher consumption of crude oil.

Oil also rallied on concerns that the conflict between the USA and Iran may disrupt supply from Middle East. The commodity attempted to use this factor to rise higher yesterday but failed to maintain the rally.

September futures for WTI crude oil climbed 1.25% to $68.74 per barrel as of 17:37 GMT on NYMEX today. Contract for Brent crude advanced 0.82% to $73.66 per barrel on ICE.

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