Oil on course for largest weekly drop in six months

 
Jessica Morris
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Russian Oil Stops Flowing To Western Europe Thru Belarus
Both benchmarks were down nearly eight per cent for the week (Source: Getty)

Global oil prices headed towards their biggest weekly drop in six months today.

Brent crude, the global benchmark, rose 0.39 per cent to $46.58 per barrel in late afternoon trading. Meanwhile, its US counterpart West Texas Intermediate rose 0.20 per cent to $45.23.

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Both benchmarks were down nearly eight per cent for the week — the largest weekly slide for Brent since January.

It came as investors weighed strong US jobs data, which bodes well for the black stuff, against seasonally weak demand.

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Oil prices shed five per cent to two-month lows yesterday after US government data showed a smaller than expected decline in US oil stocks.

While the 2.2m barrel drawdown met analysts' expectations, it was much smaller then a 6.7m dip cited by a trade group earlier in the week.

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