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Find all the economic and financial information on our Orishas Direct application to download on Play StoreOil supply disruptions are now taking a back seat to concerns about weak demand. Against this backdrop, black gold is teetering after a drop of nearly 6%.
Oil prices wobbled early Monday as investors refocused on tight supplies. Brent crude futures gained 20 cents, or 0.2%, to $113.32 a barrel at 0105 GMT, after rising as much as 1% earlier. Front-month prices fell 7.3% last week, its first weekly decline in five years.
U.S. West Texas Intermediate crude was at $109.55 a barrel, down 1 cent after rising more than $1 in morning trading. Front-month prices fell 9.2 percent last week, the first decline in eight weeks.
Russian oil remains out of reach for most countries due to Western sanctions. Nevertheless, U.S. oil and gas production is up. In Libya, oil production remained volatile following blockades by groups in the east of the country.
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