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Oil Rallies on Friday, Heads to Fifth Weekly Loss

June 23, 2017 at 20:05 by Vladimir Vyun

Futures for crude oil rose today. The reason for the rally was the weakness of the US dollar. The greenback dropped due the surprisingly poor data about manufacturing and services, and that helped dollar-denominated commodities.

Yet crude was still heading for the fifth weekly loss. Persisting concerns about oversupply on the market made traders bearish on the commodity. Baker Hughes reported that US drillers added 11 oil rigs this week — the biggest increase in three weeks. The CFTC Commitment of Traders revealed that hedge funds increased short bets on NYMEX oil.

WTI crude oil for delivery in August gained 0.8% to $43.08 per barrel as of 19:58 GMT on NYMEX today. Contract for Brent crude climbed 0.88% to $45.62 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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