New York-The oil complex strengthened Monday, extending a rally that has lifted prompt crude futures for eight straight sessions, putting ICE September near $50/b at $49.68/b, up 91 cents from Friday's settle. Oil futures closed near intraday highs, gaining steam Monday afternoon even as the dollar index rebounded sharply off year-to-date lows. NYMEX August crude settled up $1.03 at $47.07/b, just 3 cents off its intraday high. Oil futures began rallying after touching year-to-date lows June 21, sparking debate whether the move has been motivated by perceptions of tighter fundamentals or simply in response to oversold conditions.
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