Oil heading for biggest weekly decline since November
Futures in New York fluctuated near $106 a barrel on Friday
Futures in New York fluctuated near $106 a barrel on Friday
Consumers know they will lose more as a result of spikes in fuel, electricity and gas
The US is to release 50m barrels of oil from strategic reserves
30 oil tankers have been waiting at either side of canal to pass through since Tuesday
Mass rollouts are likely months away and subject to regulatory approvals
Previous session saw losses of nearly 3% and IEA forecasts 5% fall in global energy demand
Pace of economy also pushes oil lower as demand declines
State-owned oil company has begun talks to buy stake in local petrochemical firm
Rising US oil production is only factor hampering outlook into 2018
Saudi Arabia and Russia lead effort to curb production by 1.8m barrels
Fracking and other new technologies have helped US unlock vast reserves
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