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Rising US shale output weighs down oil prices, but OPEC cuts prevent fall

US crude inventories rose for a second week in a row, building by 1.9 million barrels in the week to November 10 to 459 million barrels.

Reuters  |  Singapore 

Oil markets today,  weighed down by rising US crude production and inventories, but prices were prevented from falling by expectations that OPEC will extend an ongoing production cut during a meeting at the end of this month. Brent crude futures , the international benchmark for oil prices, were at $61.89 per barrel at 0100 GMT, 2 cents above their last close. US West Texas Intermediate (WTI) crude futures were at $55.33 a barrel, unchanged from their last settlement. Both crude benchmarks have lost almost 5 per cent in value since hitting 2015 highs last ...

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First Published: Thu, November 16 2017. 09:08 IST