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Oil prices claw back losses, but oversupply still weighs

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices regained some ground on Thursday after steep losses the previous day, as Kuwait said it expected an OPEC-led effort to cut supplies would be extended beyond the middle of the year.Brent crude futures were at $53.34 per barrel at 0715 GMT, up 41 cents, or 0.77 percent, from their last close.U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.63 percent, to $50.76 a barrel.Traders said that the gains followed comments by OPEC-members Saudi Arabia and Kuwait that an effort by the Organization of the Petroleum Exporting ...

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