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Oil edges up on pipeline outage, though 2018 outlook cites ample supplies

In the United States, energy companies cut rigs drilling for new production for the first time in six weeks, to 747, in the week ended Dec.

Reuters  |  SINGAPORE 

Oil edged up on Monday, lifted by an ongoing North Sea pipeline outage and over signs that booming US crude output growth may be slowing, although the outlook for oil markets cites ample supplies despite ongoing production cuts led by OPEC. US West Texas Intermediate (WTI) crude futures were at $57.39 a barrel at 0447 GMT, up 9 cents or 0.2 percent from their last settlement. Brent crude futures, the international benchmark for oil prices, were at $63.37 a barrel, up 14 cents or 0.2 percent from their last close. Traders said the slightly higher prices came on the back of the ...

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First Published: Mon, December 18 2017. 12:29 IST