CP Update: Crude Oil

Crude Oil futures extended their gains on Thursday despite some weak economic news from the US. First-time claims for US unemployment benefits rose more than anticipated in the week ended May 11, while there was report from Philadelphia of decline in regional manufacturing activity in May. Buying increased in the commodity as the dollar dropped against a basket of major currencies, weakness in dollar tends to encourage buying in dollar-denominated commodities, making them cheaper for holder of other currency. But gains were capped by a stall in the US equity market.

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