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Commodity: Oil is about to suffer its second weekly fall

25/08/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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Due to the strong dollar, oil is poised for its second weekly drop, as supply concerns subside.

West Texas Intermediate U.S. crude prices are expected to fall between 1.5% and 2.5% for the week, a second consecutive week of decline. It was up 31 cents, also 0.4%, at $79.36 per barrel. For its part, Brent rose by 30 cents, or 0.4%, to 83.66 dollars per barrel around 0434

GMT.

The Iranian Oil Minister indicated that “the market is closely watching Iranian oil flows, as the country's crude oil production will reach 3.4 million bpd by the end of September.”

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