Oil prices rose for a fourth day on Friday, taking Brent towards three-year highs, as investors focused on tighter supplies amid strong appetite for riskier assets like crude and high hopes for recovery from the pandemic
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US oil was down 40 cents, or 0.55%, at $73.15 a barrel, having closed 1.5% in the previous session, the highest since the start of August. US oil refiners on the hunt for replacements for the Gulf crude have turned to Iraqi and Canadian oil, analysts and traders said. Brent oil prices could hit $80 a barrel by the end of September due to stock draws, lower OPEC production and stronger demand in the Middle East, analysts at UBS said in a note.
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