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What’s Happening in the Oil Market?

Robert Scott
What’s Happening in the Oil Market?

On April 27–May 4, US crude oil June futures rose 2.4%. On May 4, US crude oil June futures settled at $69.72 per barrel—the highest closing level for US crude oil active futures since November 26, 2014. However, the US dollar rose 1.1% last week—a negative development for oil prices. The PowerShares DB US Dollar Bullish ETF (UUP), which tracks the US dollar, rose 1.2% during this period.