10 Nov, 23

Oil Prices Set For Another Weekly Loss As Demand Concerns Grow

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Crude oil prices looked set to book a third consecutive week of declines today despite inching up on Thursday and early on Friday morning. The change in direction reflects a change in traders’ focus as concern about supply security in the Middle East dissipates, to be replaced by a focus on demand prospects. “The threat of disruptions to supplies from the Middle East continues to fall,” ANZ analysts said in a note quoted by Reuters. “The conflict remains well contained within Gaza, despite concerns it would escalate as neighbouring Arab…

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