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Oil settles lower, posts 3rd straight weekly gain

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Oil settles lower, posts 3rd straight weekly gain

Oil settles lower, posts 3rd straight weekly gain

vacation Oil costs support, on track for 3rd straight weekly gain

Oil drilling rigs

Oil rates supported today, July 14, heading for the 3rd straight weekly gain amidst supply scarcity due to concerns in Libya and Nigeria along with low United States inflation.

Brent crude for September shipment shed 1.85%, or $1.49, to $70.87 a barrel. The front-month agreement taped weekly gains of 1.8%.

The West Texas Intermediate (WTI) for August shipment dropped 1.9%, or $1.47 to settle at $75.42 a barrel regardless of publishing a weekly increase of 2.1%.

The Libya interruption is stopping an approximated 370,000 barrels daily (bpd) while the loss from the Nigerian blackout is pegged at 225,000 bpd, Reuters reported, mentioning a PVM expert.

The United States drilling rig count reduced by 3 systems to 537 in the week ended July 14, General Electric Co.'s Baker Hughes energy services company stated in its carefully followed report on Friday. The United States rig count was up to the most affordable level given that April 1, 2022.

Even more, United States petroleum import costs increased 1.1% in June, after a drop of 3.8% in May, according to the United States Bureau of Labor Statistics.

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