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US crude posted its biggest monthly drop since the 2008 financial crisis on Friday after a string of losses in July over China’s stock market slump and signs that top Middle East producers were pumping crude at record levels.
A higher US oil rig count for a second straight week added to the market’s downside Friday despite a weaker dollar, which would normally support commodities. Heavy hedging activity in gasoline and diesel futures ahead of front-month contract expiration dominated play on the petroleum complex, diverting some attention from crude.
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