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Crude oil jumps 4% following initial price drop

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Oil prices leapt 4% on Friday afternoon in Asia, making up ground following the American strikes against a pro-Iranian group in Iraq – an oil-producing country and Opec member – that are likely to reduce production.

American West Texas Intermediate registered an increase of 4.03%, rising to $32.77 a barrel, whereas a barrel of Brent crude from the North Sea went up by 3.85% to $34.50.

These changes followed an initial downward trend due to the price war between Saudi Arabia and Russia as well as the coronavirus pandemic, provoking a collapse in the equity and oil markets this week.

The Brussels Times