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08-Sep2018

Crude oil futures settle marginal lower on Friday

Crude oil futures ended marginally lower on Friday, marking a loss of 2.9% for the week, the first weekly loss since mid August. Concerns over the potential for weaker energy demand on the back of global trade tensions pressured prices. The potential for new U.S. tariffs on Chinese goods has also contributed to concerns over the potential for weaker energy demand. However, expectations for tighter supplies as U.S. oil sanctions on Iran go into effect later this year provided some support.

Benchmark crude oil futures for October dropped 2 cents to settle at $67.75 a barrel on the New York Mercantile Exchange. However, November Brent crude gained 33 cents or 0.4% to settle at $76.83 a barrel on London's Intercontinental Exchanged.


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