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Oil prices fell on Friday as the market retreated slightly from its strongest bull run in at least a year amid efforts to resume Russian oil flows that were interrupted by contamination. The U.S. West Texas Intermediate (WTI) benchmark is on track for its eighth successive weekly gain, the longest run since the first half of 2015. Brent crude, meanwhile, is poised for a fifth weekly gain, representing its best run for a year.
West Texas Intermediate futures were little changed, having climbed above $60 a barrel on Tuesday for the first time since 2015. The pipeline, which carries crude to Libya’s biggest export terminal, is said to need about a week for repairs. The operator of the critical Forties Pipeline System in the North Sea lifted all restrictions on flows caused by a crack earlier this month. Libya’s production dropped to 950,000 barrels a day on Wednesday, a person directly involved in the matter said. Output was 1.08 million barrels a day as of Dec. 18, indicating a decline of 12 percent. Loadings at Es Sider port are said to be down about 50 percent. The port was scheduled to ship 13 cargoes this month, each carrying 600,000 barrels of crude, according to a loading plan obtained by Bloomberg. Click Read More below for additional information.