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Crude Posts Weekly Gain After Bullish Run-Up to $70 a Barrel

  • WTI up 4.7% this week even as U.S. oil rig count rises by 10
  • Brent, WTI closed with biggest weekly gains since October
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Bloomberg’s Stuart Wallace reports on the rally in oil prices.(Source: Bloomberg)
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Crude ended the week with a gain after breaching a key $70 threshold and rallying for five straight days.

Futures rose in New York and London, with both benchmarks closing out the biggest weekly gains since October. This week, investors saw $70 Brent crude for the first time since 2014 and a steady run of diminishing U.S. crude stockpiles amid healthy demand. Yet doubts linger that a strong price rally above that key level will persist with expanding U.S. output and a rising rig count.