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06-Aug2016

Crude gets a halt to their two days gaining streak

Crude oil futures got a halt to their two day winning streak and ended marginally lower on Friday, after dollar bounced back with a strong US monthly jobs report augmenting hawkish arguments for a near-term rate hike from the US Fed. The US Department of Labor said in its monthly employment report that the economy added 255,000 nonfarm payrolls in July, marking the second consecutive month that the labor market has added more than 200,000 jobs. Meanwhile, oil services firm Baker Hughes said in its Weekly Rig Count report that US oil rigs last week increased by seven to 381 for the week ending on July 29. It represented the sixth consecutive week of weekly increases among oil rigs nationwide.

Benchmark crude oil futures for September delivery dropped $0.13 or 0.31 percent to close at $41.80 a barrel after trading in a range of $41.06 and $42.09 a barrel on the New York Mercantile Exchange. In London, Brent oil futures for October delivery declined by $0.02 or 0.05 percent to $44.27 a barrel on the ICE.


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