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WTI Set For Weekly Loss

OIL

WTI has been rangebound on Friday, fluctuating around $52.00/bbl, the benchmark last down $0.10 at $52.24. The commodity complex has come under some pressure as the greenback rises and amid general risk off trade in Asia.

  • The March brent contract, which expires on today, was up 0.2% to $55.64.
  • Demand concerns also weigh with the South Africa strain of coronavirus now found in the US, while Germany recommended the AstraZeneca jab not be given to over 65's, and reports that the Novavax vaccine is less effective against the new variants.
  • WTI is down around 0.2% this week, and on track for its second consecutive weekly decline after seeing positive returns for the majority of Q3.

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