Oil prices gave up gains on Friday and posted a weekly loss of more than 4 per cent, on oversupply concerns, as the possibility of peace deal between Russia and Ukraine overshadowed increasing US military action in Venezuela.
Brent, the benchmark for two-thirds of the world's crude, settled 0.26 per cent lower at $61.12 a barrel. West Texas Intermediate, the gauge that tracks US crude, declined 0.28 per cent to $57.44 per barrel.
From last Friday's close, Brent and WTI slid 4.1 per cent and 4.4 per cent, respectively.
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