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Oil Rallies, Still Heads to Record Stretch of Monthly Losses

January 30, 2015 at 17:46 by Vladimir Vyun

Crude oil rallied today, extending yesterday’s gains. The rally was somewhat surprising considering that slower-than-expected economic growth in the United States made traders nervous and reluctant to buy risky assets. Not all data from the United States was bad, but this hardly explains oil’s performance.

Still, crude remains in a clear-cut downtrend despite today’s gains. The commodity was trading dangerously close to the lowest level in six years and was heading for the seventh consecutive month of losses, the longest run on a record.

There were reports that some members of the Organization of Petroleum Exporting Countries not only refuse to cut production but actually increased their output. This adds to concerns about supply glut on the market.

March futures for WTI crude oil gained 1.35 percent to $45.13 per barrel as of 17:42 GMT on NYMEX today. Brent crude added 0.26 percent to its value, trading at $49.26 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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