Brent crude posts weekly loss amid trade concerns

18/08/2018 Argaam

 

Oil prices closed higher on Friday but recorded a weekly loss amid concerns over US-China trade tensions, the Turkey crisis, and rising global supply.

 

Brent crude futures for October delivery settled 0.6 percent higher on Friday at $71.83 per barrel. West Texas Intermediate (WTI) rose 0.7 percent to $65.91 per barrel.

 

For the week, Brent was down 1.4 percent, while WTI fell 2.6 percent.

 

US crude production rose 100,000 barrels per day (bpd) to 10.9 million bpd in the week ending Aug. 10, while oil inventories increased 6.8 million bpd, the highest weekly rise since March 2017, data issued by the Energy Information Agency showed.

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