Tag: oil rises
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Oil rises to $58, set for weekly gain
Oil prices rose on Friday as investors bet that efforts to cut a global glut are working and that the demand outlook is improving. U.S. crude was down 8 cents at 51.48 dollars a barrel after earlier rising slightly. Still the contract is heading for a fourth consecutively weekly gain. Global benchmark Brent crude was…
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Oil rises to near 1-month high on supply tightening
Oil rose to a near one-month high on Wednesday on signs of a gradual tightening in global oil inventories and on concerns about a supply cut at a field in the United Kingdom’s North Sea that feeds into an international benchmark price. Brent crude futures, the international benchmark for oil, were at 54.52 dollars per…