Oil sees biggest weekly decline in months

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Oil fell in volatile trading on Friday. Both oil contracts saw their biggest weekly declines in months on growing recession fears following a string of weak economic data from China, Europe and the United States.

The US WTI crude contract fell 44 cents to $71.02 a barrel, its lowest level so far this year. Brent crude oil contract lowered 5 to 76.10 USD/barrel.

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