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Oil Holds Weekly Gain as Traders Focus on Geopolitical Risks

Posted on AllSides May 19th, 2024
From The Left

Oil held a weekly advance as geopolitical risks in Russia and the Middle East came back into focus after attacks over the weekend.

Brent futures traded near $84 a barrel after posting the first weekly gain this month, while West Texas Intermediate was below $80. A Ukrainian drone strike on a small Russian refinery halted operations on Sunday, while a China-bound oil tanker was hit by a Houthi missile in the Red Sea on Saturday.

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