Khaleej Times

Oil caps wOrst week since Feb

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NEW YORK — Oil extended its slide to six-month lows as the US softened its crackdown on Iranian exports and American supplies surged, easing concerns of an impending shortage.

Futures slumped 6.3 per cent this week, the biggest drop since early February.

West Texas Intermedia­te for December delivery declined 55 cents to settle at $63.14 a barrel on the New York Mercantile Exchange. Brent for January settlement fell 6 cents to close at $72.83 on the London-based ICE Futures Europe exchange. The contract sank 6.2 per cent this week, a fourth consecutiv­e week of declines. —

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