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U.S. Oil Futures End at Highest Since May as U.S.-Iran Tensions Escalate


Saturday, 4 January 2020 03:42 WIB

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Oil futures marked their highest settlement in more than seven months on Friday. The death of a key Iranian military commander in a U.S. airstrike exacerbated tensions between the U.S. and Iran, raising concerns of potential disruptions to Middle East oil output.

Holiday-delayed data released from the U.S. government on Friday also revealed a hefty 11.5 million-barrel weekly decline in U.S. crude supplies.

February West Texas Intermediate oil rose $1.87, or 3.1%, to settle at $63.05 a barrel on the New York Mercantile Exchange after trading as high as $64.09.

The settlement was the highest for a front-month contract since May 20, according to FactSet data. Prices gained about 2.2% for the week.

Source : Market Watch


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