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US crude turns positive; traders cite profit-taking after sell-off

Oil prices turned sharply positive on Friday, with traders saying investors were taking profits following six straight days of selling in U.S. crude futures.

Benchmark futures had earlier fallen to their lowest levels since April on Friday, with Brent on track for its biggest monthly loss since December 2015, pressured by slowing economic growth that threatened to increase a supply overhang of crude and refined products.

Brent crude oil futures were down 45 cents at $42.25 by 11 a.m ET (1500), after toughing their lowest level since April earlier.

U.S. West Texas Intermediate (WTI) crude rose 21 cents to $41.35 a barrel, after earlier in the day slipping below $41 for the first time since April.

The contract also dipped below its 200-day moving average of $40.70, a level that makes U.S. crude vulnerable to falling toward $36 a...


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