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Oil under pressure during first half of Friday

Oil trended sideways and closed the day with mild gains on Thursday, September 16. Brent price action started at $74.8/bbl. During the day, the price moved to the range of $74.0-$ 75.4, and closed the day near $75.1.

Crude futures came under moderate pressure on Friday morning, and the price had steadily declined to $74.7 by 10:00 GMT. Today’s trading range for Brent is in the range of $73.90-$75.40. The medium-term range for Brent has dropped to $70.52-$75.62.

Oilfield services company Baker Hughes will release its weekly oil rig count this evening. To remind, last week the number increased by 7 units to 401.

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