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2/14, 3:48 PM (Source: TeleTrader)
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Crude up over 1%, on target for weekly gain

Oil prices were on track for the first weekly gain in six weeks on Friday, trading above 1%, as investors were relieved by the gradual reopening of factories in China where the coronavirus outbreak has shaken the economy in recent weeks.

US Energy Secretary Dan Brouillette also brought some relief to the markets by claiming that the impact of the disease breakout is "marginal" and even with a decline in Chinese demand of 500,000 barrels a day, he expects "no dramatic impact" on crude prices.

West Texas Intermediate for settlement in March added 1.46% at 9:32 am ET, going for $52.27 per barrel of crude. For the week, the spot-month contract was up 3.64%. Meanwhile, Brent futures for April delivery gained 1.79% to go for $57.46 per barrel, adding 5.44% for the week.

Breaking the News / GG