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Oil Finishes the Week in Losses

M. Ali 22 May, 2021 12:57 am Commodities, Market Update

Oil prices rose on Friday, amid possible supply disruptions in North American due to a subtropical storm forming near the Gulf of Mexico.

However, crude futures failed to recover all of its weekly losses.

Brent crude futures for July delivery gained $1.33, or 2%, to settle at $66.44 per barrel.

The global benchmark futures registered a weekly decline of 3.3%.

Meanwhile, the West Texas Intermediate (WTI) crude futures for July delivery added $1.64, or 2.7%, to close at $63.58 per barrel, registering a weekly loss of 2.7%.

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