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Oil edges up, but still set for worst first-half performance in 20 years

Oil prices have fallen about 20% this year, despite efforts by OPEC to cut production

Reuters  |  Singapore 

Oil edged up on Friday, recovering some of the steep falls earlier in the week, but crude is still set for the worst first-half decline in two decades despite ongoing production cuts. Brent crude futures were at $45.39 per barrel at 0501 GMT, up 17 cents, or 0.4 per cent, from their last close. US West Texas Intermediate (WTI) crude futures were up 17 cents, or 0.4 per cent, at $42.91 per barrel. Oil prices have fallen about 20 per cent this year despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 1.8 million barrels per ...

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First Published: Fri, June 23 2017. 13:09 IST