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Crude Oil Rises as Dollar Drops, Traders Wait for Supply Report

January 31, 2017 at 21:35 by Vladimir Vyun

Crude oil futures bounced today following yesterday’s drop. One of reasons for the rally was the weakening dollar. The US currency fell after the US President’s trade advisor said that Germany uses the “grossly undervalued” euro to gain trading advantage. Some analysts speculated that oil rose also as markets were encouraged by commitment of the Organization of Petroleum Exporting Countries and some non-OPEC producers to reduce global oil supply.

Talking about supply, traders now wait for Wednesday’s supply reports from the American Petroleum Institute and the Energy Information Administration. Experts predicted that EIA data is going to show a buildup of US crude oil inventories by approximately 3 million barrels.

Futures for delivery of WTI crude oil in March rose 0.34% to $52.81 per barrel as of 21:18 GMT on NYMEX today. Brent crude jumped 0.85% to $55.70 per barrel on ICE.

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