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Commodity: Oil remains stable on Friday

08/09/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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At the end of this week, oil prices remained stable, as investors weighed fears about the health of the Chinese economy against supply cuts from major producers Saudi Arabia and Russia.

At 08:26 GMT, Brent oil futures fell by 7 cents to $89.85 per barrel and West Texas Intermediate (WTI) oil futures fell by 23 cents to $86.64. According to Thursday's data, as weaker demand from abroad and weak consumer spending weighed on businesses, overall exports and imports from the world's second-largest economy fell in August, with investors expecting American interest rates to remain at the highest level in 20 years.

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