Oil prices rise as signs of higher demand outweigh worries of excess

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Oil prices edged higher on Friday and were on track for solid weekly gains following positive demand signals, production issues in Nigeria and a reported decline in stocks.

Brent crude futures, the international benchmark for oil prices, were up 52 cents, or 1.1 percent, at $48.94 per barrel at 8:23 a.m. (1223 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 46 cents, or 1.2 percent, $46.64.

Both benchmarks are on pace for a roughly 5 percent gain on the week…

 

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