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Market Update: Brent Poised for Large Weekly Loss
Brent crude futures traded around $71.4 a barrel on Friday after falling below $70 for the first time in two weeks Thursday, as rising tensions in the Middle East outweighed rising inventories and demand concerns. Government data on Wednesday showed US crude stockpiles rose by 3.63 million barrels last week, the biggest gain since March. For the week, the global benchmark is on course to fall around 5%, as top consumers impose travel restrictions amid the spread of the Delta variant of COVID-19. [/s2If]
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