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Oil Ends Friday’s Trading Mixed

July 10, 2015 at 22:51 by Vladimir Vyun

Crude oil ended Friday’s trading mixed due to uncertainty and confusing fundamentals. Futures for West Texas Intermediate oil fell a bit, erasing the previous gains, while the Brent grade rallied.

Baker Hughes reported that the number of US oil rigs rose this week, but the increase was small. This alleviated fears that sharp acceleration of drilling activity would create a spike in supply.

At the same time, the negotiations about the Iranian nuclear program are still a negative factor for crude. While no agreement has been reached as of now, hopes for a successful outcome of the talks remain.

Of course, Greece is still a wild card that can affect markets in an unpredictable way. For now, prospects for a deal between the indebted nation and its creditors result in a positive market sentiment, but it can easily be changed if the things turn to the worse.

August futures for delivery of WTI crude oil ticked down 0.08 percent to $52.74 per barrel on NYMEX today. Contract for Brent crude gained 0.2 percent to $58.73 per barrel on ICE.

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