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Title: Oil prices edge higher but set for first weekly drop since August

10/29/2021 02:16:32 AM GMT

By: analysisWatch

Oil prices rose on Friday, but were headed for their first weekly loss in more than two months after US oil stocks rose more than expected and Iran praised its ongoing talks with Western forces, which could result in the lifting of sanctions.

Brent unrefined fates rose 27 cents, or 0.3%, to $84.59 a barrel by 0600 GMT, while U.S. West Texas Intermediate (WTI) unrefined fates were up 12 pennies, or 0.1%, to $82.93 a barrel.

Fitch Solutions examiners said in a week-by-week note on Friday. "The assembly has likely approached its pinnacle and costs, while staying high, will mellow in the near term," examiners at Fitch Solutions said in a week-by-week note on Friday.

The two benchmarks, which contacted multi-year highs on Monday, were on target to fall around 1% for the week-the first week by week drop in quite a while for WTI and the first in quite a while for Brent.

The hotness has emerged from a two-month rally stirred up by high gas and coal costs in Europe and China, which had prodded fuel changes in power plants to fuel oil and diesel while oil supplies were tight.

U.S. oil stocks rose significantly more than anticipated in the week to Oct. 22, information from the Energy Information Administration displayed on Wednesday.

Everyone is focused on the following gathering of the Organization of the Petroleum Exporting Countries (OPEC), Russia and their partners, together called OPEC+, on Nov. 4. Investigators anticipate that the bloc should adhere to its arrangement to add 400,000 barrels per day of supply every month until April 2022.

"Saudi Arabia has forewarned that, with a hazy interest picture, there could be an 'enormous inspire' in worldwide oil stocks in 2022," JPMorgan (NYSE: JPM) investigators said in a note.

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