Oil strengthens on falling US oil rig count

Source: Khaleej Times
© Scanpix/Reuters
Prices for crude oil advanced on Monday driven by a weaker US Dollar and a decline in US oil rig counts for another week. WTI futures for delivery in November stepped up 0.93% to reach $50.09 per barrel, whereas Brent futures for November delivery gained 0.78% to $53.06 per barrel. A big focus remains on Chinese trade data release this week, that is going to provide an insight into the world's largest energy consumer's state. 
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