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Treading Water In Asia

OIL

Crude futures struggled for direction on Friday; WTI is up $0.08 from settlement levels at $59.68/bbl, while Brent is $0.05 lower at $63.15/bbl. The benchmarks are on track for a weekly decline, tracking losses of 2.9%. Crude is treading water, buffeted by the competing influences of additional lockdowns in Europe and a weaker greenback. Yesterday Saudi Arabia's energy minister Prince Abdulaziz bin Salman said he was confident in the OPEC+ decision to gradually increase output over the next three months, adding that output decisions can be adjusted if needed.

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