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Middle East Tensions Support Crude Oil Prices, Supply Issues Persist
Although supply concerns have remained an important underlying market factor, tensions surrounding Qatar have provide some support to oil prices. The latest Baker Hughes data recorded an increase in oil rigs for the 20th successive week and the latest increase was also the strongest for seven weeks and to the highest level since 2015 which suggests that the recent dip in prices has not discouraged increased drilling activity. Oil prices still made net headway late in the US session with a move to near $47.80 p/b after hitting resistance close to $48.00. The dollar came under strong selling pressure after the weaker ... (full story)