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London — Oil prices dropped on Friday and were headed for weekly declines as inventories rose and record-breaking new coronavirus cases in the US stoked concern about the pace of economic recovery and fuel demand.

Brent crude was down by 95c, or 2.2%, at $41.40 a barrel by 9.26am GMT, and US oil fell $1.01, or 2.6%, at $38.61 a barrel. Brent looks set for a weekly decline of almost 3.5% and US crude for a fall of 5%...

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