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Oil Fails to Rally on Friday

October 9, 2015 at 21:20 by Vladimir Vyun

Crude oil attempted to rally on Friday but largely failed in this endeavor. West Texas Intermediate oil almost erased its rally while the Brent grade demonstrated substantial losses.

Crude declined even though the number of US oil rigs continued to shrink. Baker Hughes reported that drillers removed nine rigs this week.

Yesterday, Goldman Sachs made a bearish statement, saying that the current rally of oil is going to fade. The company announced:

We continue to view the oil market as oversupplied and with low prices required to achieve the sufficient rebalancing in 2016.

November WTI crude oil ticked up 0.14 percent to $49.50 per barrel as of 21:16 GMT on NYMEX today. At the same time, contract for Brent crude slumped 0.98 percent to $52.53 per barrel on ICE.

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