Oil pressured by glut fears, dollar rally
Oil futures lost ground Friday, on worries over a growing supply glut and a rallying U.S. dollar.
West Texas intermediate crude oil futures for October delivery fell 66 cents, or 0.7%, to settle at $92.41 a barrel. On the week, however, futures rose 0.2%, snapping a two-week losing streak.
November ICE Brent futures rose 69 cents, or 0.7%, to end at $98.39 a barrel. Gains for the week reached 0.4%.
Oil futures have been struggling with growing supplies as U.S. oil production rises. Meanwhile, the International Energy Agency, the U.S. Energy Information Administration and the Organization of the Petroleum Exporting Countries all lowered their forecasts for demand growth earlier this month.
In addition, the U.S. dollar has been in rally mode as the U.S. Federal Reserve moves toward ...
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