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Oil is falling and incurring a large weekly loss, amid concerns about banks

Oil ended trading lower on Friday, giving up early gains that exceeded a dollar per barrel; concerns about the banking sector pushed the two benchmarks to record their most significant weekly losses in months.

Brent crude futures fell $1.73, or 2.3%, to $72.97 a barrel at settlement, while US West Texas Intermediate crude lost $1.61, or 2.4%, to reach $66.74.

Both benchmarks fell more than $3, hitting their lowest levels during the session.

Brent lost about 12 per cent during the week, recording the most significant weekly loss since December.

West Texas Intermediate crude futures have fallen by 13 per cent since last Friday’s close, recording their heaviest weekly loss since April.

“The fundamentals are not as bad as the market expects here, but there are concerns that oil will not be as safe as it is with cash or gold,” said John Kilduff, partner at Again Capital in New York.



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لوريم ايبسوم هو نموذج افتراضي يوضع في التصاميم لتعرض على العميل ليتصور طريقه وضع النصوص بالتصاميم سواء كانت تصاميم مطبوعه لوريم ايبسوم ليتصور طريقه لوريم ايبسوم.

About AISU

Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.


92 Members

28 Board of Directors

17 Country

300.000 Employees

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