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July 28, 2017

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Crude oil prices climb before release of crucial US jobs data

LONDON--Oil prices rose Friday, continuing to gain from the European Central Bank's plan to support weak eurozone economies, as traders looked ahead to key U.S. jobs data.

Brent North Sea crude for delivery in October climbed 50 U.S. cents to US$113.99 a barrel approaching midday in London and ahead of U.S. monthly jobs figures to be published Friday.

New York's main contract, light sweet crude for October gained 46 cents to US$95.99 a barrel.

Oil prices were already rising Thursday after ECB chief Mario Draghi said the central bank could buy unlimited amounts of debt from troubled nations like Spain and Italy to help bring down their borrowing costs and to prevent the eurozone debt crisis from spreading.

The news gave markets a huge shot in the arm, sending share prices soaring in Asia, Europe and on Wall Street.

Crude futures have also won modest support from a drop in U.S. crude oil inventories, analysts said.

The U.S. Department of Energy's petroleum report showed crude oil supplies fell last week as Hurricane Isaac churned through the Gulf of Mexico, home to oil installations.

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