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Crude Oil Rallies on Back of Weaker Dollar, Gold Doesn’t Join

October 31, 2015 at 2:11 by Vladimir Vyun

Crude oil rallied by the end of Friday’s trading as the dollar weakened. The greenback extended its retreat due to another bunch of disappointing economic reports from the United States. Additionally, the number of US oil rigs continued to drop ninth consecutive week, falling by 16 this week as was reported by Baker Hughes.

The decline of the US currency did not help gold much. The metal dropped, though its fall was not very big. The metal has been in decline since October 15th, erasing about half of this month’s gains.

December futures for WTI crude oil gained 1.15 percent to $46.59 per barrel as of 2:08 GMT on NYMEX. Brent crude advanced by 1.56 percent to $49.56 per barrel on ICE. Meanwhile, contract for gold declined 0.51 percent to $1,141.4 per troy ounce on COMEX.

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