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MTECHTIPS:- Crude oil futures – weekly outlook: August 31 – Sept. 4

MTECHTIPS:- Crude oil futures – weekly outlook: August 31 – Sept. 4

Crude oil futures surged for the second consecutive session on Friday, capping the biggest two-day percentage gain since 2009, as traders returned to the market to close out bets on lower prices, a move known as short-covering. On the ICE Futures Exchange in London, Brent for October delivery rose to a session peak of $50.98 a barrel, the strongest level since August 11, before closing at $50.05, up $2.49, or 5.24% for the day. On Thursday, Brent prices rallied $4.42, or 10.25%, to end at $47.56, bouncing off six-year lows of $42.23 hit earlier in the week. London-traded Brent futures jumped $4.70, or 10.1%, on the week, the first weekly gain in nine weeks. Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in October hit an intraday high of $45.90 a barrel, the most since August 11, before ending at $45.22, up $2.66, or 6.25%. On Thursday, Nymex oil futures soared $3.96, or 10.26%, to settle at $42.56. New York-traded oil futures sank to $37.75 earlier in the week, a level not seen since February 2009. For the week, New York-traded oil futures rallied $4.92, or 11.79%, snapping a ten-week losing streak. That was the largest weekly percentage gain since March 2009 Meanwhile, the spread between the Brent and the WTI crude contracts stood at $4.83 a barrel by close of trade on Friday. Oil prices rebounded from steep declines suffered earlier in the week as Chinese equity markets bounced back from a brutal selloff, easing jitters over an ongoing stock market collapse.

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