Oil rallies into holiday weekend

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Happy Nonfarm Friday! After selling off strongly so far this week, oil prices are mustering a bounce into the holiday weekend, encouraged higher by an underwhelming employment report and an (initial) strong sell-off in the dollar. Even though the dollar has reversed course, oil is holding onto gains. Hark, here are four things to consider in oil markets today:

1) Saudi Arabia’s Deputy Crown Prince Muhammed bin Salman met with Japanese Prime Minister Shinzo Abe yesterday to discuss how to boost cooperation between the two nations.

Saudi Aramco has been leasing storage capacity from Japan since 2010, currently leasing