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Oil prices soar as dollar weakens

Oil prices soared on Friday’s trade as the dollar weakened. US crude futures remained on track to close the week down as investors remained worried about the global oil glut.

WTI crude futures for September delivery settled up 3.02%, or USD 1.42, to USD 48.51 per barrel.

Investors also digested rig count data from Baker Hughes which showed that US rigs fell by five to 763.

Nigeria’s crude oil exports are expected to slip to 1.72 million barrels per day (bpd) in October, loading programmes showed on Friday.

Signs of supply tightness have started appearing in the United States, the world’s biggest oil consumer.

Despite a 13% jump in production since mid-2016 to 9.5 million barrels per day, the country’s commercial crude inventories have fallen 13% from their March records to below 2016 levels.