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On Track For Strongest Weekly Gain Since October

OIL

Crude futures are higher, heading into the end of week on track for 5 consecutive daily gains and a total weekly gain of around 8.5% - its best week since October. WTI is last up $0.40 at $56.63/bbl, brent is $0.39 at $59.23/bbl.

  • Saudi Arabia kept oil pricing unchanged for Asia, its main market, defying expectations of a cut as OPEC seeks progress in supply demand dynamics.
  • A confluence of positive influences are supporting oil. The vaccine programme globally is underway and hopes over a US stimulus package stoking demand have provided a tailwind for oil.

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