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Oil Prices Flat on Supply Concerns

Friday,   09-Nov-2018   04:31 PM (IST)

Oil prices were flat on Friday as rising supply and concerns over a global economic slowdown spooked investors.Data on Wednesday showed that inventories in the U.S. continue to rise more than expected, leading to a concern of oversupply, despite sanctions against Iran.U.S. crude inventories rose by 5.7 million barrels last week, compared with the general consensus of a 3.2 million-barrel increase, the EIA reported.The weekly U.S. Baker Hughes oil rig count, which is a leading indicator of demand for oil products, comes out later in the session.