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Oil Prices Up Amidst Higher Global Demand, Nigeria Instability - Commodity Market Tips

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Oil prices rose slightly on Friday in volatile trading as the market weighed lower U.S. crude stocks, Nigerian instability and strong global demand growth against a persistently slow re-balancing. Brent crude settled up 20 cents or 0.39 percent to $52.10 a barrel. U.S. West Texas Intermediate crude was up 23 cents or 0.47 percent to $48.82 a barrel. U.S. crude was down 1.5 percent on the week, while Brent was down 0.6 percent.

It had revised historic demand data for 2015-2016, meaning a lower demand base in 2017-2018 combined with unchanged high supply numbers could lead to lower stock draws than initially anticipated.

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