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Oil prices on track for weekly losses

October 23, 2020


Oil futures gained ground Friday but remained on track for weekly losses, dogged by supply concerns as output from Libya rises, along with worries about crude demand as the number of new COVID-19 cases continued to accelerate globally.

West Texas Intermediate crude for December delivery CL.1, 0.22% rose 18 cents, or 0.4%, to $40.82 a barrel on the New York Mercantile Exchange, while December Brent crude BRN00, 0.26%, the global benchmark, was up 21 cents, or 0.5%, at $42.67 a barrel on ICE Futures Europe. WTI was on track for a 0.8% weekly fall, while Brent was down 0.7%.

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