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Oil Rises Second Day on Saudi Supply Scare; Weekly Loss Holds


Saturday, 10 August 2019 03:42 WIB

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Saudi Arabia’s warning that it won’t tolerate another oil price crash has affected the market more than expected, with crude prices rebounding a second day in a row on Friday, even after the Paris-based International Energy Agency slashed its reading for global oil demand growth.

New York-traded West Texas Intermediate crude settled up $1.96, or 3.7%, at $54.50 per barrel.

London-traded Brent crude, the benchmark for oil outside of the U.S., rose $1.10, or 1.9%, to $58.48.

WTI has leapt nearly 7% in two days of trading, while Brent has recovered almost 4%.

Source : Investing.com


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