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Oil pulls back, but on track for big weekly gains

September 18, 2020


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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