Oil futures rise Friday, extending a bounce off 7-month lows as investors weigh supply worries but remaining on track for weekly declines.
Oil futures rose Friday, extending a bounce off seven-month lows as investors weighed supply worries and a pullback by the U.S. dollar but oil remains on track for a weekly decline.
Price action Market drivers Crude oil prices were building on a bounce seen Thursday off of levels last seen in January, with analysts tying the rise in part to a fall in the U.S. dollar index DXY of 1.1% Friday after reaching a 20-year high. Meanwhile soaring natural-gas prices in Europe are already seen providing an incentive for switching to producing electricity from oil fired plants.
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