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Crude Oil Rallies on Last Trading Day of Week

February 3, 2017 at 23:47 by Vladimir Vyun

Crude oil rallied on Friday after the United States imposed new sanctions against Iran. That was a reaction to Iran’s ballistic missile test. It is important to note that the new sanctions are completely separate from those imposed due to Iran’s nuclear program, which remain lifted at the present time.

Another reason for the crude oil’s rally was the drop of the US dollar that followed the release of US nonfarm payrolls. The report showed slower-than-expected wage growth. It led to a decline of the US currency, which in turn bolstered dollar-priced commodities.

Futures for delivery of WTI crude oil in March gained 0.54% to $53.83 per barrel on NYMEX. April contract for delivery of Brent crude rose 0.44% to $56.81 per barrel on ICE.

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