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Oil Heads for Second Weekly Drop as Israel War Still Contained
Oil fell for the second straight week after the risk premium from the Israel-Hamas war vanished, bringing signs of soft demand to the fore. West Texas Intermediate slid 2.4% to settle near $80 a barrel, down 5.9% for the week. That’s after the leader of Iran-backed militant group Hezbollah said it didn’t know about the Oct. 7 attack, reinforcing views that the war will remain contained. Cushioning the losses were a soft US jobs report that’s supporting speculation the Fed can stop increasing rates and a weaker dollar that makes crude more affordable for importers. With the war yet to spill over into crucial ... (full story)