7 Hrs
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Oil’s second weekly drop
Oil prices are on track for a second consecutive weekly decline. Brent held at $95.41 a barrel, heading for a 2.4% weekly loss, while West Texas Intermediate fell 0.25% to $88.52, putting it on course to lose 2.5% for the week. Prices were pressured by the continued US blockade of Iran and easing concerns about supply disruptions from widespread fighting, as well as a 4.7-million-barrel rise in US crude inventories to 414.4 million barrels—even as threats to tanker traffic in the Strait of Hormuz persist.
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