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Oil sits near half-year lows as global supply overhang weighs

Rising US oil output, mostly from shale drillers, contributing to ineffectiveness of Opec-led cuts

Reuters  |  Singapore 

Oil prices were not far off six-month lows, held down by an ongoing supply overhang that persists despite an Opec-led effort to cut production and prop up crude markets. Brent crude futures were at $46.97 per barrel at 0436 GMT, only slightly above their last settlement. US West Texas Intermediate (WTI) crude futures were also up a notch at $44.48 per barrel. But prices for both benchmarks are still down by around 13 per cent since late May, when producers led by the Organization of the Petroleum Exporting Countries (OPEC) extended a pledge to cut production by 1.8 million ...

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First Published: Fri, June 16 2017. 11:02 IST