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Oil price up on Iran sanctions but set for weekly decline


  • Oil & Gas
  • Saturday, 11 Aug 2018

Benchmark Brent crude oil was up 90 cents at $72.96 a barrel by 1:56 EDT (1756 GMT). U.S. light crude was 78 cents higher at $67.59 a barrel.  Brent remained on course to fall 0.3 percent in the week, while U.S. crude was on track to drop 1.1 percent, following a sell-off on Wednesday.

Benchmark Brent crude oil was up 90 cents at $72.96 a barrel by 1:56 EDT (1756 GMT). U.S. light crude was 78 cents higher at $67.59 a barrel. Brent remained on course to fall 0.3 percent in the week, while U.S. crude was on track to drop 1.1 percent, following a sell-off on Wednesday.

NEW YORK: Oil prices rose more than 1 percent on Friday as U.S. sanctions against Iran looked set to tighten supply, but futures remained lower for the week as investors worried that global trade disputes could slow economic growth and hurt demand for energy.

Benchmark Brent crude oil was up 90 cents at $72.96 a barrel by 1:56 EDT (1756 GMT). U.S. light crude was 78 cents higher at $67.59 a barrel.

Oil & Gas , Markets , Corporate News

   

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