Oil rose toward $69 a barrel on Friday after two sessions of losses, but remaine...
LONDON - Oil rose toward $69 a barrel on Friday after two sessions of losses, but remained on track for its biggest weekly drop this year due to rising inventories and concerns of an economic slowdown.
“Clearly, bargain hunters are back in town,” Naeem Aslam, chief market analyst at TF Global Markets, said of the bounce. “However, it is still set to record the worst week of the year and this is due to the increase in trade war tensions between the U.S. and China.” The Organization of the Petroleum Exporting Countries and allies including Russia, an alliance known as OPEC+, have been cutting supply since January to tighten the market and prop up prices.
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