Bench-mark Brent oil settled 1 percent higher on Friday on pre-weekend short-covering, while U.S. crude settled lower but just above the $40-per-barrel support it has struggled to defend after a surge in inventories.
U.S. crude's expiring spot contract also reached its widest discount, or contango, in more than four years to its nearby contract, reflecting worries about the large immediate supplies of oil available in the market
Both Brent and U.S. crude saw muted trading early in the session as a stronger dollar weighed on oil and other commodities.
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U.S. crude's expiring spot contract also reached its widest discount, or contango, in more than four years to its nearby contract, reflecting worries about the large immediate supplies of oil available in the market
Both Brent and U.S. crude saw muted trading early in the session as a stronger dollar weighed on oil and other commodities.
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