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Oil settles below $30.00/bbl but holds onto weekly gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Crude oil prices fell on Friday but finished the week higher after oscillating amid concerns over the global glut and hopes of a deal to freeze output.

    West Texas Intermediate crude settled 3.7% lower on the day at $29.64 a barrel. For the week, WTI accomplished a 0.7% gain, after setting a low of $26.95 on Monday and a high of $31.98 on Thursday.

    Oil futures saw little movement after firm Baker Hughes said the number of US oil rigs fell to 413 from 439 the previous week.
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