Oman Daily Observer

Oil heads for third week of gains


LONDON: Oil prices declined on Friday to $77 a barrel, holding near a three-year high as they headed for a third straight week of gains, supported by global output disruption­s and inventory draws. The rally was slightly dampened by China’s first public sale of state crude reserves. Brent crude was down 27 cents, or 0.35 per cent, at $76.98 a barrel by 1312 GMT, after earlier rising as high as $77.74, its highest since July 6, and close to its highest since October 2018. US oil was down 40 cents, or 0.55 per cent, at $73.15 a barrel, having closed 1.5 per cent in the previous session, the highest since the start of August.

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