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Oil rally cools as strong US dollar, debt ceiling risks weigh
Oil prices fell slightly in Asian trade on Thursday, capping off three days of gains amid growing pressure from a strong dollar, while uncertainty over the U.S. debt ceiling persisted as a June deadline to reach a deal grew closer. Crude prices also saw some profit taking after racing to three-week highs in the prior session. The rally was largely driven by expectations of tighter U.S. supplies as the travel-heavy summer season approaches. A warning from the Saudi Arabian energy minister against shorting oil also boosted prices. But this was countered by growing fears of a U.S. debt default, as lawmakers marked ... (full story)