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Crude Oil Stabilizes After Six-Year Record Gain

August 28, 2015 at 1:26 by Vladimir Vyun

Crude oil was mixed during the Friday’s Asian session as West Texas Intermediate grade rose a little while the Brent grade dropped. Yesterday, prices demonstrated the biggest one-day gain in six years. WTI oil jumped $3.96 (10.3 percent) and Brent surged $4.42.

Futures advanced as markets stabilized after China’s scare on Monday. The Asian nation took measures to stimulate its economy, and such steps were welcomed by investors as proved by the rally of global stocks. Additionally, US economic growth in the second quarter of 2015 exceeded expectations, promising more demand for fuel and energy. Last but not the least, market participants were speculating that an interest rate hike from the Federal Reserve is highly unlikely in September, and such talks encourage speculators to buy riskier assets.

October futures for delivery of WTI crude oil ticked up 0.09 percent to $42.60 per barrel as of 1:23 GMT on NYMEX today. At the same time, contract for Brent crude declined 0.34 percent to $47.40 per barrel on ICE.

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