August 28, 2015 6:45 PM

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Oil down 1% after after strong gains as equities rally

Global crude oil prices steadied, today, after rebounding from six-and-a-half-year lows on recovering equities markets, strong U.S. economic growth, and news of low crude supplies from Nigeria. Brent was down 15 cents, at 47.41 dollars a barrel. U.S. crude was unchanged, at 42.56 dollars a barrel. Yesterday, Brent oil and US crude oil had surged over 10 percent, for their biggest one-day bounce since in 6 years. U.S. crude is on track for its first weekly gain in nine weeks, ending its longest losing streak since 1986. Global oil markets have fallen by a third since May. The U.S. economy grew faster than initially thought in the second quarter on solid domestic demand.

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