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Oil pulls back, but on track for big weekly gains

September 18, 2020

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Oil futures pulled back Friday, but remained on track for big weekly gains after jumping in the previous session as Saudi Arabia’s energy minister took a stern tone on compliance with OPEC+ production curbs and dared speculators to short crude.

West Texas Intermediate crude for October delivery CL.1, 0.29% CLV20, 0.32% fell 48 cents, or 1.2%, to $40.49 a barrel on the New York Mercantile Exchange, while November Brent crude BRN.1, -0.30% BRN00, -0.30%, the global benchmark, was off 47 cents, or 1.1% at $42.83 a barrel on ICE Futures Europe.

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