Oil traded lower on Friday as reports of a rise in July OPEC crude production fed global-glut concerns and tensions tied to North Korea kept investors on edge, setting prices up for a weekly loss.
September West Texas Intermediate crude lost 22 cents to $48.35 a barrel on the New York Mercantile Exchange.
For the week, WTI was looking at a loss of roughly 2.4 per cent, which would be the largest loss of its kind since the week ended July 7.
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