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Oil steady near $52 as Saudi prince backs Opec cuts

Speculation mounts that supply curbs by members of the Opec and its allies will be prolonged

Grant Smith | Bloomberg 

Oil steadied near $52 a barrel as Saudi Crown Prince Mohammed bin Salman backed the extension of Opec production cuts beyond March 2018. Futures were little changed in New York after falling 0.6 per cent on Wednesday. Prince Mohammed said in an interview with Bloomberg News in Riyadh that “of course” he wanted to extend Opec’s production cuts in 2018, making it all but certain the group and its allies will roll over the curbs at a meeting next month. Oil is holding gains above $50 a barrel as speculation mounts that supply curbs by members of the Organization ...

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First Published: Fri, October 27 2017. 02:40 IST