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Oil Closes Mixed but Maintains Weekly Gains

M. Ali 3 July, 2021 12:39 am Commodities, Market Update

Oil prices showed a mixed performance on Friday, amid with markets awaiting the outcomes of the OPEC+ summit.

The OPEC+ alliance could not agree on Friday on a decision regarding output policy for August and beyond. Discussions are expected to resume on Monday, according to recent media reports.

Brent crude futures for September delivery finished higher by 33 cents, or 0.44%, at $76.17 per barrel.

The global benchmark crude most active contract has maintained a positive performance for six consecutive weeks, after gaining 1.1% this week.

Meanwhile, the West Texas Intermediate (WTI) crude futures for August delivery lost 7 cents, or 0.1%, to close at $75.16 per barrel, limiting its weekly gain to 1.5%.

Earlier today, data by Baker Hughes showed that the U.S. oil rig count increased by four rigs last week to 376.

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