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Oil Prices Set to Drop Over Excess Supply

Oil Prices Set to Drop Over Excess SupplyOil Prices Set to Drop Over Excess Supply

Crude prices rose on Friday, but were still set for a weekly drop on concerns about oversupply and the ongoing trade conflict between the United States and China, the world’s two biggest oil users. Brent oil had climbed 27 cents, or 0.4%, to $72.85 a barrel. US West Texas Intermediate crude was up 29 cents, or 0.4%, at $69.79 a barrel, CNBC reported. However, both benchmarks are on track for their third weekly loss, after big declines on Monday, with Brent set to decline 3.3% and WTI to fall by 1.8%. Prices have been dragged down by worries about oversupply as some production returned after outages, while trade tensions between the United States and China stoked fears of damage to their economies and their demand for commodities.

 

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