Oil prices gained around two per cent for the week ended on Saturday as Iraq voiced support for OPEC’s oil cuts ahead of a meeting in two weeks and as some speculators covered massive short positions ahead of weekend uncertainty.
Still, prices settled with weekly losses of 4 per cent, their third straight weekly decline.
Brent ended this week at 81 dollars and 43 cents per barrel, while the US crude closed at 77 dollars 17 cents a barrel.
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