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Oil Prices Close Lower and Limit Weekly Gains

M. Ali 29 August, 2020 1:57 am Commodities, Market Update

Oil prices settled lower on Friday, but recorded weekly gains mostly due to output disruptions in the Gulf of Mexico that resulted from Hurricane Laura.

Brent crude futures for October delivery decreased by 4 cents, or 0.09%, and finished at $45.05 per barrel, rising by 1.6% for the week.

The West Texas Intermediate (WTI) futures for October delivery fell by 7 cents, or 0.2%, and settled at $42.97 per, finishing the week higher by 1.5%.

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