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Oil pulls back, consolidates below 28-month high

“Brent crude LCOF8, -0.56% the global oil benchmark, fell 44 cents, or 0.7%, to $63.49 a barrel on the ICE futures exchange” writes Deputy Markets Editor for marketwatch.com. Oil futures weakened Friday but remained on track for strong weekly gains that leave the U.S. benchmark near a 28-month high amid rising geopolitical uncertainty in the Middle East.This follows a recent rise in geopolitical risks in other oil producers including Venezuela and Iraq, Staunovo said.Oil remained lower after oil-field services firm Baker Hughes BHGE, +0.04%  said the number of U.S. oil rigs rose by 9 this week to a total of 738.
Source: marketwatch.com

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