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Crude Oil Shows Best Weekly Performance Since July

September 16, 2017 at 0:26 by Vladimir Vyun

Crude oil capped its best week since July as the demand outlook for the commodity was optimistic. Refineries in the United States are reopening after being shut down due to Hurricane Harvey. That promises increased consumption of crude in the USA. Moreover, data from Baker Hughes showed that the number of US oil rigs dropped by 7 last week to the lowest level since June.

Prospects for increasing demand were not limited to just the USA. Earlier this week, the Organization of Petroleum Exporting Countries predicted increasing global consumption of crude. The International Energy Agency echoed such predictions, revising its growth estimate for oil demand up to 1.6 million barrels per day.

Contract for delivery of WTI crude oil in October settled at $49.89 per barrel on NYMEX today — the highest daily close since July 31. November contract for Brent crude closed 0.27% higher at $55.62 per barrel on ICE.

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