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8/6, 1:31 PM (Source: TeleTrader)
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Oil gains 1% amid tensions in Middle East

Prices of oil increased by over 1% on Friday as the investors brushed off some of the oversupply fears amid rising tensions in the Middle East.

Despite the uptick, the crude still traded with sharp losses on a weekly level, seemingly dragged by fears of the Delta variant's impact on the economies of the major oil consumers.

International benchmark Brent for settlements in October increased by 1.51% to go for $72.38 per barrel at 7:20 am ET, and West Texas Intermediate (WTI) for September delivery gained 1.55% to sell for $70.16 per barrel a minute later.

Breaking the News / BU