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Oil rally cools as strong US dollar, debt ceiling risks weigh

From investing.com

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)

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