(Bloomberg) — Oil headed for a fourth weekly drop as demand concerns in the world’s two biggest economies overshadowed heightened geopolitical risk.
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West Texas Intermediate rose toward $77 a barrel after sliding 2.1% on Thursday, with Brent closing below $80. Factory gauges in the US and China both showed a contraction on Thursday, indicating signs of weakness in manufacturing. Crude had jumped on Wednesday after the killing of Hamas and Hezbollah leaders led to heightened tensions in the Middle East.
Oil is set for its longest streak of weekly declines since December, with OPEC+ sticking to its plan to increase output next quarter at a meeting on Thursday.
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