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On July 6th, the WTI crude oil futures contract rose 3.1%, near the top of the narrow range of fluctuations in several weeks.
Spartan Capital analyst Peter Cardillo said oil prices rose yesterday after European markets were higher after Russia and Saudi Arabia extended production cuts for a month.
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Today’s rally is technical and short covering is the main reason.
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However, economic indicators contracted further in some regions, reviving demand concerns.
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