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Oil Closes the Week in Losses Ahead of Christmas

M. Ali 24 December, 2020 11:30 pm Commodities, Market Update

Oil prices rose slightly on Thursday ahead of the Christmas holiday, but ended the shortened week in losses.

Crude prices remain supported by a decline in the United States oil stockpiles, as reported on Wednesday by the U.S. Energy Information Administration (EIA).

Moreover, the number of active rigs drilling for oil in the U.S. increased by one to a total of 264 this week, increasing for the fifth consecutive week, while oil and gas rigs rose by two to 348, according to the weekly report of Baker Hughes.

Brent crude futures for February delivery added 9 cents, or 0.2%, to close at $51.29 a barrel, falling by 1.9% for the week.

Meanwhile, the West Texas Intermediate (WTI) crude futures for February delivery settled higher by 11 cents, or 0.2%, at $48.23 a barrel, registering a weekly loss of 2.1%.

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