Oil prices declined on Friday, with Brent slipping away from the $70 mark reache...
LONDON - Oil prices declined on Friday, with Brent slipping away from the $70 mark reached the previous day, but both main contracts were set for weekly gains due to mounting geopolitical risks.
U.S. West Texas Intermediate crude fell 4 cents a barrel to $62.06, having hit their highest since Nov. 7 on Wednesday at $62.99.Weighing on prices are concerns that an economic slowdown could dent fuel consumption. U.S. President Donald Trump on Thursday said the two sides were “very close to making a deal”, though the United States remains hesitant to lift $250 billion in tariffs that China is seeking to have removed.
Any potential oil outages in Libya would “noticeably increase the pressure on Saudi Arabia to open up the oil tap again, as it did in the autumn,” Commerzbank said in a note.
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