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Oil steady near two-year highs, U.S. supply increase caps rise

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil prices held steady in a tight range Monday after briefly testing lower, with support from Middle East tensions and record long bets by fund managers balanced by rising U.S. production.Brent crude futures settled down 36 cents, or 0.6 percent, at $63.16 a barrel while U.S. West Texas Intermediate (WTI) crude futures settled up 2 cents a barrel at $56.76. Last week, Brent rose to $64.65, its highest since June 2015, and WTI hit $57.92, its highest since July 2015.Middle East tensions have supported the market, despite concerns that output could ...

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First Published: Tue, November 14 2017. 03:16 IST