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Oil in Biggest Weekly Drop Since January

Oil in Biggest Weekly Drop Since JanuaryOil in Biggest Weekly Drop Since January

Crude oil prices closed down on Friday, with benchmark Brent losing its most in a week since January, as a resurgent dollar and fear of a US rate hike diverted attention from the shrinking number of rigs drilling for oil in the United States.

Worries about the security of Libyan and Iraqi crude supplies, which had put a floor beneath the market in early trade, also took a backseat, Reuters reported.

Benchmark Brent oil settled down 75 cents, or 1.2 percent, at $59.73 a barrel. It fell 4 percent on the week, its sharpest decline since the week ended Jan. 9. US crude settled down $1.15, or 2.3 percent, at $49.61 a barrel. It posted a slight loss on the week, for a third straight week of declines.

 

Financialtribune.com