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Business

September 17, 2017

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Oil down

Oil down

Tokyo: Oil prices were lower on Friday but on course for weekly gains, the third in a row in the case of Brent, as the clean-up after hurricanes in the United States gathered pace and the outlook for demand took on a firmer tone.

U.S. West Texas Intermediate crude was down 17 cents, or 0.4 percent, at $49.72 a barrel at 0620 GMT.

It briefly broke above $50 on Thursday, hitting a four-month high, and finished 1.2 percent higher at $49.89, its highest close since July 31.Brent crude futures were down 23 cents, or 0.4 percent, at $55.24 a barrel.

They gained 0.6 percent to settle at $55.47 the previous session, the highest close since April 13.Nevertheless, U.S. crude is on track for a nearly 5 percent gain this week, buoyed by the return of refineries after Hurricane Harvey and stronger indications of demand.  Brent is heading for a 2.7 percent gain and a third consecutive weekly rise.

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