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Oil price steadies after strong gains on equities, Nigeria outage

Oil prices steadied 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, Reuters reports.

Oil saw its biggest one-day bounce since 2009 on Thursday, with North Sea Brent LCOc1 and U.S. light crude CLc1 rising more than 10 percent. U.S. crude is on track for its first weekly gain in nine weeks, ending its longest losing streak since 1986.

Brent was down 25 cents at $47.31 a barrel by 1200 GMT. It settled $4.42 higher at $47.56 on Thursday. U.S. crude was down 10 cents at $42.46 a barrel, after ending up $3.96.

Source : energymixreport.com
Posted On: 8/29/2015 12:00:00 AM

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