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Oil rally continues; US crude briefly jumps above $45
Oil prices headed higher on Friday after bouncing back from six-and-a-half-year lows on recovering equities markets, strong U.S. economic growth and news of low crude supplies from Nigeria. Oil saw its biggest one-day bounce since 2009 on Thursday, with North Sea Brent and U.S. light crude rising more than 10 percent. U.S. crude is on track for its first weekly gain in nine weeks and an end to its longest losing streak since 1986. Brent was up $1.57, or 3.3 percent, at $49.13 per barrel by 11:15 a.m. EDT (1315 GMT), after hitting an session peak of $49.59. It settled $4.42 higher at $47.56 on Thursday. U.S. crude was ... (full story)
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