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Oil Posts Weekly Gain as Saudi Arabia Hit by Drone Barrage

  • Saudi Arabia says it intercepted drones targeting energy sites
  • WTI futures rose over $9 this week after choppy trading
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Oil posted its first weekly gain in three weeks as the European Union continued to debate how it can decrease its reliance on Russian exports and Saudi Arabian energy assets came under attack.

Futures in New York gained $9.20 this week, the second biggest dollar gain since 2011. Oil reversed its losses earlier in Friday’s session as Yemen’s Houthi rebels claimed responsibility for a series of attacks on Saudi Aramco facilities, including an oil storage site in Jeddah. Saudi Arabia warned this week that crude supplies are at risk, and called on the U.S. to do more to counter attacks from the Iran-backed rebels.