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2016.08.2308:05:00UTC+00Crude Oil Levels Out Near $47, Goldman Sachs Warns Of Fragile Rally

Crude oil futures were lower for a second day Tuesday morning after Goldman Sachs called this month's rally "fragile."

"While oil prices have rebounded sharply since August 1, we believe this move has not been driven by incrementally better oil fundamentals, but instead by headlines around a potential output freeze as well as a sharp weakening of the dollar," Goldman analysts wrote.

The ratings agency kept its $45-50/barrel outlook through mid-2017.

WTI light sweet crude oil was down 29 cents at $47.12/barrel today.

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