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Barchart
Barchart
Rich Asplund

Crude Gains on Dollar Weakness and a Fall in Active U.S. Oil Rigs

September WTI crude oil (CLU23) on Friday closed up +0.86 (+1.07%), and Sep RBOB gasoline (RBU23) closed up +0.15 (+0.05%).

Crude oil and gasoline prices on Friday settled moderately higher.  A weaker dollar Friday was supportive of energy prices.  Also, concerns about tight global supplies are bullish for crude.   Crude prices raced to their highs Friday afternoon when the weekly report from Baker Hughes showed active U.S. oil rigs fell to a 17-month low, pointing to slower U.S. crude production in the near term.

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