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Brent crude oil edges back above $45, but supply glut pressure remains

Nigeria's crude exports to exceed 2 million bpd in August, the highest level planned for 17 months

Reuters  |  London 

Oil edged up from multi-month lows on Thursday, but prices remained under pressure from a supply glut that has persisted despite the Organisation of the Petroleum Exporting Countries (Opec)-led efforts to balance the market. Brent crude futures were up 43 cents at $45.25 a barrel at 12:29 GMT, after falling as low as $44.53 earlier in the day. They fell 2.6 percent in the previous session to $44.35, their lowest since November. US crude futures were up 30 cents at $42.83 a barrel, after also slipping earlier in the day. On Wednesday, they touched $42.05, their lowest intraday ...

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First Published: Thu, June 22 2017. 20:45 IST
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