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Oil’s Weekly Advance Comes to Abrupt Halt on Risk-Off Sentiment
Oil declined, paring a weekly gain, on a risk-off tone in wider financial markets and more signs of robust global supply. Brent dropped toward $82 a barrel, on track to snap four days of gains, while West Texas Intermediate was near $78. Stocks in the region fell, putting downward pressure on risk assets such as oil. While there have been signs of cooling US inflation, Federal Reserve officials this week penciled in only one interest-rate cut this year. “Market participants are reassessing if they have got ahead of themselves as weaker-than-expected US economic conditions were presented overnight amid the recent ... (full story)