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Futures Movers: Oil inches higher as Strait of Hormuz stays in focus, but IEA predicts weak demand

Oil prices steadied Friday as investors kept close watch on news from the Strait of Hormuz, where an attack on two tankers triggered concerns about disruptions to the global flow of the commodity.

West Texas Intermediate crude for July delivery CLN19, -0.50% was slightly weaker at $52.24 a barrel. The tanker attacks drove a 2.2% gain for oil on Thursday, but the contract is still facing a weekly loss of 3% with one session to go.

August Brent crude BRNQ19, -0.08% rose 34 cents, or 0.6%, to $61.64 a barrel after a gain of 2.2% of Thursday.

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