Oil falls 2% on concerns over demand covered over supply cuts

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UNITED STATES (VOP TODAY NEWS) — Oil prices closed nearly 2 percent lower on Friday, ending a week of a 3 percent loss on concerns over global demand growth after weak US factory activity overshadowed OPEC-led supply cuts and US sanctions on oil producers. Venezuela and Iran.

After rising in early trade to a three-month high, US crude futures fell sharply on concerns about demand. The Institute of Supply Management’s index of manufacturing activity in the US fell in February to its lowest level since November 2016, below expectations.

US benchmark WTI finished trading low at $ 1.42, or 2.5 percent, to settle at $ 55.80 a barrel after hitting its highest since mid-November at $ 57.88.

Brent crude fell $ 1.24, or 1.9 percent, to settle at $ 65.07 a barrel from a high of $ 67.14.

Although they hit their highest levels since mid-November, Brent crude ended the week with a 3.3 percent loss, while US crude fell 2.7 percent.

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