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Oil Faces Steep Weekly Drop
Brent crude is headed for a weekly decline of about 12%, and West Texas Intermediate for a drop of around 12.1%, despite rising on Friday to $99.86 and $91.62 a barrel, respectively. The decline came amid expectations that the U.S. war against Iran would ease following Democratic gains in the congressional elections, while attacks on oil tankers in the Gulf and the Strait of Hormuz limited further losses amid concerns about supply.
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