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Oil narrows weekly losses

Oil narrows weekly losses

Mubasher: Oil prices rose on Friday, but failed to recover from its weekly losses due to a jump in American crude inventories.

Active oil rigs count in the United States increased by four this week, as shown by the weekly report of Baker Hughes.

The Organization of the Petroleum Exporting Countries (OPEC) expects rising crude oil inventories and increased output in the United States to push prices down in the coming weeks.

Crude inventories in the United States rose by 6.5 million barrels last week, according to the data of the Energy Information Administration (EIA).

Meanwhile, American production decreased last week by 300,000 barrels a day.

Nymex futures for November delivery rose by 0.7% on Friday as it settled at $69.12 per barrel, recording a 3.1% weekly decline.

Brent rose by 0.5%, narrowing its weekly losses to less than 1%, as it ended the week at the level of $79.67 a barrel.