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Oil prices head for 3% weekly gain as OPEC panel meeting convenes amid Middle East upheaval

May 17, 2019


Oil futures climbed Friday for a fourth straight session, taking both benchmarks to weekly gains of 3% or more, as any potential demand worries tied to stock-market volatility were offset by supply concerns linked to Middle East tensions.

West Texas Intermediate crude for June delivery CLM9, +0.80% rose 64 cents, or 1%, to $63.51 a barrel. The contract settled Thursday at $62.87, the highest finish for a front-month contract since May 1, according to Dow Jones Market Data.

The global benchmark, July Brent LCON9, +0.47% added 44 cents, or 0.6%, to $73.06 a barrel on ICE Futures Europe. Its finish at $72.62 Thursday marked the highest to date in May.

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