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Oil loses nearly 3% on dollar strength, supply glut concerns

FXStreet (Córdoba) - Oil prices lost nearly 3% on Friday in thinned-trade post-Thanksgiving amid broad USD and as oversupply concerns continue to weigh.

West Texas Intermediate dropped $1.27, or 3.2% to settle to $41.71 a barrel. Over the week, WTI futures were down 0.6%, posting its fourth loss in a row. Meanwhile, Brent crude, finished 1.6% lower at $45.46 a barrel.

Global supply glut and dollar strength amid expectations continue to drive the commodity lower.

Earlier this week, the Energy Information Administration (EIA) said that US crude inventories rose by 1 million barrels for the week ending on Nov. 20, slightly below expectations. A day before, the American Petroleum Institute reported an increase of 2.6 million barrel in crude stockpiles last week.

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