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Crude Oil Prices Set to Cap Strong Two-Week Streak

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Crude oil prices are poised to complete their strongest two-week streak of gains since April, fueled by production cuts and a weaker U.S. dollar.

Price Action

  • West Texas Intermediate crude for August delivery fell by 14 cents, or 0.2%, to $76.62 a barrel on the New York Mercantile Exchange.
  • September Brent crude dropped by 14 cents, or 0.2%, to $81.23 a barrel on ICE Futures Europe.
  • August gasoline declined marginally to $2.61 a gallon.
  • August heating oil slightly increased to $2.61 a gallon.
  • August natural gas rose 1.9% to $2.59 per million British thermal units.

Market Drivers

Crude oil futures are on track for a second consecutive month of increase, having recovered from the losses incurred in May.

The recent decline in U.S. inflation, which exceeded economists’ expectations, led to lower bond yields and a sharp depreciation of the dollar. Consequently, prices of various dollar-denominated commodities, including oil, experienced a boost.

According to Fawad Razaqzada, a market analyst at City Index and FOREX.com, the Federal Reserve’s success in curbing inflation has contributed to the rally in stocks, oil, bonds, and foreign currencies.

Furthermore, the falling dollar has bolstered the value of all dollar-denominated assets, such as crude oil, gold, silver, and copper.

While the ICE U.S. Dollar Index rose 0.1% to 99.89 early on Friday, it reached its lowest point in over a year the previous day.

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