Prices for the U.S. crude-oil benchmark settled lower on Friday, but still tallied a gain for a ninth week in a row—said to be the longest weekly streak of gains in at least 30 years.
Concerns over a supply glut in the market pressured prices, but weakness in the U.S. dollar and a 23rd straight weekly decline in the number of active U.S. oil rigs helped cut losses.
On the New York Mercantile Exchange, June West Texas Intermediate crude CLM5, +0.13% lost 19 cents, or 0.3%, to settle at $59.69 a barrel.
Based on the most-active contracts, WTI crude has now climbed for nine weeks in a row—marking the longest winning streak in at least 30 years, according to Price Futures Group’s Phil Flynn. Similarly, news reports said the weekly streak of gains was the longest since 1983.Longest weekly streak of gains in at least 30 years. Wow.
I already see this in President Obama's weekly Saturday address, which by the way has also set a record: the longest weekly streak of losing audience share, having set that record last week with the 157th week in a row of losing audience share of those tuning into the weekly Presidential radio address.
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A Little Light Reading Following Breakfast
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