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Oil Prices Down 7% in Week on Stronger USD

M. Ali 5 September, 2020 12:21 am Commodities, Market Update

Oil prices closed lower on Friday, amid mixed expectations for demand recovery, and a rise for the USD, which decline was seen a support factor for crude prices.

Brent crude futures for November delivery settled lower by $1.41, or 3.2%, at $42.66 per barrel, raising its weekly decline to 6.9%.

Meanwhile, the West Texas Intermediate (WTI) futures for October delivery lost $1.60, or 3.9%, and finished at $39.77 per barrel, falling by 7.5% for the week.

Earlier today, data by Baker Hughes indicated that the number of active oil rigs in the US increased by a single platform to 181 this week.

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