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Oil Posts Weekly Gain as Traders Weigh Demand Outlook, Iran Deal

  • Cooling US inflation strengthening commodities including oil
  • IEA raises outlook for consumption on gas-to-crude switching
Bloomberg business news
WATCH: OPEC expects global oil markets to tip into a surplus as the I.E.A. boosted its forecast for global demand growth this year. Elizabeth Low reports.Source: Bloomberg
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Oil declined Friday but still posted a weekly gain as traders weighed the prospects of higher demand this winter against the potential for Iranian supply to return. 

West Texas Intermediate futures ended the week 3.5% higher after losing 2.4% Friday. Iran said it could accept a European Union-brokered nuclear deal if it receives certain guarantees. The prospect of more oil supply wiped out all gains earlier in the session.