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. Last Updated: 07/27/2016

Oil Price Nears $30

LONDON -- Oil prices powered higher Friday adding to Thursday's dollar rally as speculative hedge funds stepped back into the market.

North Sea benchmark Brent Blend crude futures were up 30 cents at $27.75 a barrel Friday after U.S. oil prices rose within sight of the all-important $30 a barrel mark Thursday.

Crude oil prices on the New York Mercantile Exchange climbed more than $1.30 a barrel to scale a $29.42 peak before slipping back to $29.22 in after-hours Access trade.

U.S oil prices are now back at their highest level since March, when crude hit nine-year highs near $34 per barrel.