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Oil stable on expectations of extended output cut, but U.S. crude exports drag

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices were stable on Thursday on expectations that Saudi Arabia and Russia would extend production cuts, although record U.S. exports and the return of supply from a Libyan oilfield dragged on the market.Brent crude futures, the international benchmark for oil prices, were at $55.83 per barrel at 0538 GMT, up 3 cents from their previous close.Russian President Vladimir Putin said on Wednesday that a pledge by the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, to cut oil output to boost prices could ...

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First Published: Thu, October 05 2017. 11:20 IST
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