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Oil prices are heading for losses for a second consecutive week. Brent settled at $95.41 a barrel, on track for a 2.4% weekly decline, while West Texas Intermediate fell 0.25% to $88.52, with a weekly loss of 2.5% expected. Prices came under pressure after U.S. President Donald Trump reaffirmed that the blockade of Iran would continue and concerns about supply disruptions from a wider escalation eased, despite security threats to oil tankers in the Strait of Hormuz. Pressure mounted further after U.S. crude inventories rose by 4.7 million barrels to 414.4 million, contrary to forecasts for a 1.1-million-barrel decline.
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