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Oil prices back on the rise

Upside fatigue apparently held sway on oil market, with sharp swings seen in benchmark crudes on Friday.  Brent closed the week slightly above $90/bbl.

At the end of last week, gains were supported by news that Thailand reported a major oil leak from an underwater pipeline, but this factor is fading this morning. Conflicting news has come in about Iran’s nuclear program as the country still stubbornly hopes for the oil sanctions to be lifted, although it is clear that the US has no intention of doing so. Some pessimism also came from oil major Chevron, which aims to ramp up oil production in Texas this year by at least 10%. At the same time, the US Department of Energy resumed the release of SPR, even though these sales have not yet had much of an impact on prices.

By the time of writing, the Brent price was up 1.52% at $91.40, while WTI was 0.94% higher at $87.62.

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