Crude is set for the first weekly dip on oversupply concerns

Crude is set for the first weekly dip on oversupply concerns

On Friday, crude was mixed after recent declines, although the commodity was on track for the first weekly decline for six weeks, being suppressed by ascending American supplies as well as doubts over Russian support for extending a cut in crude output.

Brent crude futures LCOc1 hit $61.23 a barrel, sliding 13 cents from their previous close.

American West Texas Intermediate crude futures reached $55.32 a barrel, ascending 18 cents. Market participants told that firm American crude exports were backing WTI futures.

This commodity found itself on track to dive approximately 2%-4% for the week on concerns over surge in American output as well as inventories, after both benchmarks hit 2015 maximums the previous week.

Russian support for this formalized extension of output cuts at the anticipated November 30 OPEC gathering happens to be questionable enough, as some market experts told.


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