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Commodity Daily News
Oil Makes Light Gains in Early Trading
Friday, 6 Feb 2009
Oil prices rose slightly yesterday as part of a wider market rally on hopes the Obama administration's plan to shore up the financial system would help banks stem losses and revive lending. Prices had fallen earlier during yesterday's trading session as weak economic data stoked concerns about waning oil demand.
Recently, the lower demand has fueled the losses, and a rash of poor economic data this week has not provided any support. The U.S. Non-Farm Employment report today is expected to show a poor performance and traders may not see very much upside to Crude today.
