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Oil surges in short-covering towards close; Brent rallies near $60
February 9, 2015 / 7:12 PM / 3 years ago

Oil surges in short-covering towards close; Brent rallies near $60

Feb 9 (Reuters) - Oil extended its rally on Monday afternoon as a weaker dollar and surge in short-covering activity took crude prices up to nearly $60 a barrel at one point.

Benchmark Brent oil was up $1.20, or 2 percent, to $59 a barrel by 2:00 p.m. ET (1900 GMT), after a hitting a session high of $59.61. U.S. crude futures rose $1.75 to $53.44 a barrel, having risen $2.30 earlier to an intraday peak of $53.99.

Brent’s premium to U.S. crude CL-LCO1=R, a key arbitrage for many traders, also narrowed, diverging from the widening trend seen in recent weeks, as U.S. crude outperformed. (Reporting By Barani Krishnan; Editing by Chizu Nomiyama)

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