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Crude manages to extend gains in holiday thinned trade

Crude oil futures managed to reverse the early losses in a holiday thinned trade. Floor trading remained closed on New York Mercantile Exchange due to the US Independence Day’ holiday. Oil had settled higher for eight sessions in a row as part of an extended recovery from multi-month lows. A supply glut has been eroding the impact of output cuts by major producers, though a latest weekly Baker Hughes data showed a fall in the US oil rig count for the first time since the start of the year.

Benchmark crude oil futures for August delivery gained $0.10 or 0.21 percent to $47.17 on the New York Mercantile Exchange. In London, Brent crude for August delivery ended up 0.08 cents at $49.76 a barrel on the ICE.