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Oil prices: towards a seventh consecutive weekly decline

08/12/2023
Source : ORISHAS FINANCE
Categories: Raw materials

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Due to concerns about excess global supply and weak Chinese demand, the oil benchmark indexes were heading for a seventh consecutive weekly decline.

Brent oil futures rose by $1.29, or 1.7%, to $75.34 per barrel at 0359 GMT, while West Texas Intermediate oil futures gained $1.11, or 1.6%, to $70.45 per barrel. Both references fell to their lowest levels since the end of June during the previous session. Brent and WTI futures prices are on track to fall by 4.5% and 4.8% respectively for the week, representing their biggest losses in

five weeks.
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