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Oil Extends Bullish Run, Still Logs Losses in June and First Half of 2017

June 30, 2017 at 21:29 by Vladimir Vyun

Crude oil rallied today, rising for the seventh consecutive day and heading to a weekly gain. It was the longest bullish run in six months. Oil prices climbed as Baker Hughes reported that US drillers reduced the number of oil rigs by two last week. It was the first decrease in 24 weeks.

Yet crude was still heading to a monthly loss and had the worst first half of a year since 1998. The reason for that were concerns about oversupply on the market. While the Organization of Petroleum Exporting Countries was attempting to rebalance the market by cutting output, some members of the organization were exempt from the production cut deal. Two such countries, Nigeria and Libya, ramped up their output to such levels that it offset the production cuts from the rest of the OPEC.

August futures for WTI crude oil jumped as much as 3.12% to $46.33 per barrel as of 21:19 GMT on NYMEX today. Brent crude advanced 1.05% to $47.92 per barrel on ICE.

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