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Oil prices settle up 2%, post weekly loss on stockpile releases

Oil&Gas Materials 9 April 2022 04:13 (UTC +04:00)
Oil prices settle up 2%, post weekly loss on stockpile releases

Oil prices rose 2% on Friday but notched their second straight weekly decline after countries announced plans to release crude from their strategic stocks, Trend reports citing Reuters.

Brent crude futures settled up $2.20, or 2.19%, at $102.78 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose $2.23 to $98.26.

For the week, Brent dropped 1.5% while WTI slid 1%. For several weeks, the benchmarks have been at their most volatile since June 2020.

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