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Oil rises as investors expect output cut extension next week

Reuters  |  NEW YORK 

By Julia SimonNEW YORK (Reuters) - Oil prices rose on Friday, heading for a second week of gains on growing expectations that OPEC and other producing countries will agree at a meeting next week to extend crude output cuts.Brent crude was up $1.02 at $53.53 at 1:22 p.m (1722 GMT) while U.S. benchmark crude oil was up 94 cents at $50.29. Both benchmarks slipped back from session highs after a report that U.S. energy companies added oil rigs again in the latest week. Energy services firm Baker Hughes said U.S. drillers added oil rigs for an 18th week in a row, the second-longest streak of ...

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First Published: Fri, May 19 2017. 23:15 IST
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