Oil futures surged
nearly two percent for the eighth session in a row away from ten-month lows,
marking the longest winning streak in two months, even as the dollar gained
ground today following earlier data from the US the world's largest energy consumer. Oil
prices are heading for the first weekly gain since mid-May marking the highest
in two weeks on short-covering as dollar weakens noticeably this week and after
prices registered the fifth weekly loss in a row last Friday the longest such streak
since 2015. Oil prices have lost over 20% since OPEC's meeting in Vienna
last month as markets price in above five-year averages global crude
inventories, while US shale and OPEC production increased last month. However a
drop of 100 thousand bpd in US production last week marked the biggest such
fall in a year paving the way for a rebound in prices.
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