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  • 23-11-21

    Oil market drops to over 4 percent

    (MENAFN) Crude prices in Turkey dropped over 4 percent in the week ending Nov. 19, as the market evaluated the probable effect of spare reserve sales following reports of the US's persistence that some main oil customers consider an organized release of crude stocks to lower prices and inflation.

    On Friday global benchmark Brent crude exchanged at USD78.53 for each barrel at 1202 GMT, recording a 4.13 percent drop from the Monday session that started at USD81.92 a barrel.

    American benchmark West Texas Intermediate (WTI) posted at USD75.91 for eacg barrel during the same period on Friday, dropping 5.88 percent compared with USD80.66 a barrel on Monday opening.

    The crude market opened the week on a descending route amidst a tight market with players concentrating on whether the Biden Administration would succeed to enlarge supply to decrease energy prices in the US.

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