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(Reuters) -Oil settled largely unchanged in choppy trade on Thursday, with global benchmark Brent closing below $70 a barrel under pressure from tariffs between the U.S., Canada, and China, and plans by OPEC+ to raise output.
Brent futures settled up 16 cents, or 0.2%, at $69.46 a barrel. U.S. West Texas Intermediate crude futures gained 5 cents, or 0.1%, to settle at $66.36.
On Wednesday, Brent hit $68.33, its weakest since December 2021, after a larger-than-expected build in U.S. crude inventories further pressured oil after OPEC+'s hike in output quotas for the first time since 2022 and new U.S. tariffs enacted on Tuesday.
"The OPEC news of adding barrels next month, along with a Russian/Ukraine peace deal now looking more promising and a flip/flop of tariffs is keeping crude in a volatile trade," said Dennis Kissler, senior vice president of trading at BOK Financial.
Russia said it will seek a peace deal in Ukraine that safeguards its own long-term security and will not retreat from the gains it has made in the conflict.
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