Oil moves lower, but posts sixth positive week in last seven
Oil prices inched lower on Friday as Hurricane Laura passed the heart of the U.S. oil industry in Louisiana and Texas without causing any widespread damage and companies were beginning to restart operations.
Brent crude futures for October, set to expire on Friday, were down 5 cents to $45.04 a barrel. West Texas Intermediate crude settled 7 cents, or 0.2%, lower at $42.97 per barrel.
Both benchmarks were on track for weekly gains of about 1.4%, with WTI headed for a fourth straight weekly rise. The benchmarks hit five-month highs during the week as U.S. producers cut crude output ahead of Laura at a rate close to the level of 2005′s Hurricane Katrina.
Reference: CNBC
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