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Uncertain path for oil markets in coming days

The crude oil market heads into another week of uncertainty, buffeted on one side by the ongoing war between Russia and Ukraine and the expansion of COVID-related lockdowns in China, the world’s largest crude importer. The two benchmarks gained 11.5% and 8.8%, respectively, on expectations that sanctions on Russia stemming from its invasion from Ukraine would start to bite into both its exports and production. Brent closed at $120.65 a barrel and U.S. West Texas Intermediate (WTI) crude ended at $113.90 on Friday.

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