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Crude Oil Extends Gains Approaching $100
Thursday, 9 Feb 2012
Crude oil saw dramatic gains during trading on Wednesday, and throughout yesterday's session. Crude's bullishness was largely attributed to increased demand out of the US and optimism that a Greek debt swap agreement will finally be put into place. The commodity briefly went above the psychologically significant $100 a barrel level yesterday, before staging a minor downward correction.
Turning to today, crude oil may see additional gains providing that British and euro-zone economic indicators are positive. Additionally, should the US Unemployment Claims figure come in above expectations, risk taking may take place, which could give oil an additional boost as we begin to close out the week.






