Earlier in the week, news that Chinese exports rose nearly 50% in May helped boost crude oil prices. Also during the week, Federal Reserve Chairman Ben Bernanke told Congress that U.S. economic recovery is on track and a double-dip recession is unlikely.
Those positive economic signs, combined with the second successive weekly decline in U.S. oil inventories, spurred the gains through Thursday.
Source: http://oilprice.com/Energy/Oil-Prices/Oil-Price-Rally-Stumbles-Friday-on-Negative-Economic-News.html
By. Darrell Delamaide
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