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Oil prices edged up in early Asian trading, consolidating gains from the previous week amid tightening supply concerns. Brent crude futures rose 3 cents to $85.37 a barrel, while WTI crude for April delivery increased 10 cents to $81.14.
Geopolitical tensions, including Ukrainian drone strikes on Russian refineries, added pressure. In the Middle East, Israeli PM Netanyahu’s plan to push into Gaza’s Rafah enclave raised concerns.
Investors await the outcome of the Fed’s meeting for clarity on interest rate cuts, which could stimulate U.S. demand. Despite volatility, both Brent and WTI futures closed the week higher, supported by bullish demand forecasts.
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