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Oil prices were in retreat on Monday following a choppy week of trade and renewed concerns about supply.

Brent crude, the international benchmark, was down 0.3 per cent at $51.90 a barrel in a public holiday-dominated session for Asia: Australia and Japan were the only major markets open.

West Texas Intermediate was down 0.2 per cent at $49.24.

Brent finished Friday 0.6 per cent higher, but down 0.4 per cent for the overall week.

Confidence in oil markets has been rattled in recent weeks. Data showing US weekly gasoline inventories unexpectedly rose gave investors the chills, as did the number of oil rigs operating in US fields jumping to its highest since 2015. Recent figures have also showed a rebound in Libya’s crude production after pumping resumed following a halt there, which would boost global supply.

Gold was down 0.4 per cent at $1,263.63 an ounce.

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