Highlights US Federal Reserve maintains dovish stance Dollar tests one-month lows Permian drilling rig count falls 6 Crude prices extended their rally July 29, settling higher on the back of a weaker US dollar and tightening inventories. NYMEX September WTI settled $1.23 higher at $73.62/b and ICE September Brent moved up $1.31 to $76.05/b. Oil futures gleaned support from a weaker US dollar and rising risk appetite supported by a dovish tone taken by US Federal Reserve chairman Jerome Powell, analysts said. “Oil prices are surging as risk appetite runs wild following disappointing economic data that solidifies the view that the Fed won’t be slowing down its ultra-accommodative stance anytime soon,” OANDA analysts said in a July 29 note. “Strong earnings and a cautious US central bank bodes well for crude, which saw the rally […]