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Oil prices rise on supply cuts and political tensions in Saudi Arabia

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil prices rose nearly 1 percent on Thursday, supported by supply cuts by major exporters as well as continuing concern about political developments in Saudi Arabia.Brent crude oil settled up 44 cents or 0.7 percent at $63.93 a barrel, still close to Tuesday's intra-day high of $64.65, which was the highest since June 2015.U.S. light crude was up 46 cents or 0.8 percent at $57.27, just shy of this week's more than two-year high of $57.69 a barrel."The move is driven by developments in Saudi Arabia in recent days and anticipation that the consolidation of ...

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First Published: Fri, November 10 2017. 02:56 IST
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