Oil Price Bounces Back After Three-Month Low

The Wall Street Journal reported that oil prices rebounded on Friday after a three-month low ahead of US oil rig data and a slight overnight drop in the US dollar.
As quoted in the market news:

Oil prices bounced Friday from a three-month low on expectations that supply would continue to tighten, especially in the U.S. Light, sweet crude for August delivery traded at $51.21 a barrel compared to $50.91 a barrel Thursday. Prices are getting a lift from a slightly weaker U.S. dollar overnight and ahead of data from the U.S. on the number of oil rigs, which is expected to show continuing declines, says Daniel Hynes, senior commodity strategist at ANZ in a note. “We continue to view the Iran nuclear deal as a negative price catalyst over the medium to long term,” adds ANZ. Brent crude futures rolled over to September, trading at $57.13. The August contract was at $57.51 Thursday.

Click here to read the full The Wall Street Journal report.