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Latest Oil Prices, Market News and Analysis for Dec. 18 - Bloomberg

Bloomberg · last updated

Latest Oil Prices, Market News and Analysis for Dec. 18 - Bloomberg

Oil Extends Weekly Gain With Focus on Red Sea Shipping Attacks

- Shippers avoid Red Sea route as US shoots down wave of drones
- Crude snapped seven weeks of declines to log small advance

Oil rose following its first weekly gain since late October as major shipping lines suspended transit through the Red Sea, highlighting the risk to the vital artery for international crude trade.

Global benchmark Brent traded near $77 a barrel after gaining 0.9% last week to snap a seven-week streak of declines. West Texas Intermediate was near $72. Egypt’s Suez Canal Authority said it’s “ closely following” tensions in the Red Sea after the US said it shot down 14 drones launched from Iran-backed Houthi-controlled areas of Yemen.

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Oil Extends Weekly Gain With Focus on Red Sea Shipping Attacks

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