Oil prices leveled off at around $77 a barrel on Friday, reaching a 2-month high. After inventory draws and output disruptions, oil will see its 3rd straight week of gains. However, oil prices didn’t rally as much as expected after China hosted the first public sale of its crude reserves. OPEC nations that cannot increase output due to maintenance concerns and underinvestment during the COVID-19 pandemic contribute to price gains. Brent crude was down 3 cents, and U.S. oil prices were down 15 cents in early trading.
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