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Oil Extends Rally to 10% on the Week

COMMODITIES

Both WTI and Brent crude futures sit higher by 1% apiece early Friday, with the uptrend solidifying and supporting prices again this morning. This extends the rally on the week to over 10% from the Monday low, an impressive performance given the recovery in the greenback. The tilt higher opens near-term resistance at $58/bbl and the 1.382 projection for the Apr - Aug rally from the Nov 2 low at $59.06.

A rare down day for the greenback early Friday is helping underpin a modest rise in spot gold and silver prices - which sit higher by around 1% apiece. Today's nonfarm payrolls are the focus, with a particularly wide range of estimates: -250k at the low, +400k at the high end.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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