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Oil Set to Eke Out Weekly Gain as Supply and US Inflation Set Tone
Oil was poised to eke out a modest weekly gain as futures remained in a narrow range, with the outlook for supply and inflation in focus. Brent traded above $83 a barrel after a two-day advance that saw futures add about 1%, while West Texas Intermediate was below $80. Lower US crude stockpiles, as well as a lift from signs that US inflation could be ebbing, have vied in recent sessions with weaker demand growth outlooks from bodies including the International Energy Agency. Price action this week has been muted, as the competing drivers largely offset each other. That’s resulted in the tightest weekly range — of ... (full story)