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Oil prices facing steepest weekly decline since March
Oil prices are on track for their worst week since March, with demand fears and the prospect of more supply coming onto the market driving the losses. A key pipeline supplying oil between Iraq and Turkiye is set to resume operations. The Kirkuk-Ceyhan pipeline will be able to pump half a million barrels to global markets. Exports were suspended in March over a dispute between the federal government in Baghdad and the Kurdish Regional Government in the north. It comes after Russia announced the lifting of its ban on diesel exports. It's adding to worries that demand could be dented in an environment of higher-for-longer interest rates. And, an OPEC-Plus meeting made no changes to the group's oil output policy, after Saudi Arabia and Russia said they would keep voluntary supply cuts in place to help boost prices.
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