Oil prices settle mixed amid risk aversion

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NEW YORK, Sept. 11 (Xinhua) -- Oil prices settled mixed on Friday as turbulence on the financial markets sparked risk-off sentiment.

The West Texas Intermediate (WTI) for October delivery rose 3 cents to settle at 37.33 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery slid 23 cents to 39.83 dollars a barrel on the London ICE Futures Exchange.

"The financial markets are continuing to set the tone, including on the oil market," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note Friday, adding "fears about an oversupply have added to the general feeling of uncertainty."

Looking ahead, Weinberg noted "weak demand worldwide, coupled with an increase in non-OPEC production, is soon likely to pose a serious challenge for OPEC again."

The U.S. Energy Information Administration said Thursday that the nation's crude oil inventories increased by 2.0 million barrels during the week ending Sept. 4. Analysts polled by S&P Global Platts had forecast a fall of 500,000 barrels.

For the week, WTI crude futures dipped 6.1 percent and Brent logged a weekly loss of 6.6 percent. Enditem

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