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Oil Prices on Track for Fourth Straight Week of Gains

Oil prices were little changed in Asian trade on Friday but were on track for a fourth straight week of gains and holding near their highest levels since late April on hopes of strong summer fuel demand and some supply concerns.

Brent crude futures, which have risen 7% over the last four weeks, slipped 2 cents to $87.41 a barrel by 0143 GMT. U.S. West Texas Intermediate (WTI) crude futures, which have climbed 9% over the past four weeks, inched up to $83.97, up 9 cents from Wednesday’s close.

With the U.S. market shut for the Fourth of July holiday on Thursday, trading was thinned and there was no settlement for WTI. Oil rose this week on strong summer demand expectations in the United States, the world’s largest oil consumer.

“Market sentiment has been supported this week by strong mobility indicators and intensifying geopolitical tension in the Middle East,” analysts at ANZ Research said in a note on Friday.

The U.S. Energy Information Administration (EIA) reported a massive 12.2 million barrels draw in inventories last week, compared with analysts’ expectations of 700,000 barrels.

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