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Oil Caps Biggest Weekly Gain Since August Amid Producer Talks

  • Russia, Saudi Arabia said to discuss March meeting site
  • WTI crude fell late Friday as dollar advanced against peers
Bloomberg business news

Iran’s Impact on Oil Prices – Will It Fall Further?

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Oil capped the biggest weekly gain since August amid signs of strengthening U.S. fuel demand and speculation that some producers will complete an accord to freeze output.

Crude rose 11 percent for the week after data on Feb. 24 showed U.S. gasoline demand rose as supplies fell. Producers are deciding where to meet in March for discussions on the output freeze provisionally agreed between Saudi Arabia and Russia last week, Venezuelan Oil Minister Eulogio Del Pino said on the TeleSur television network. Prices dropped in late trading Friday as the dollar rose, curbing investor appetite for commodities priced in the U.S. currency.