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Oil prices rise as market expects extended output cut led by Opec

Brent futures and US WTI futures gained more than 10% from their May lows below $50/barrel

Reuters  |  Singapore 

Oil prices rose on Wednesday, supported by a confidence that the Organisation of the Petroleum Exporting Countries (Opec)-led output cut aimed at tightening supply would be extended to all of 2017 and the first quarter of next year. Brent futures rose to $54.34 per barrel by 06:52 GMT, up 19 cents, or 0.35 per cent, from their last close. US West Texas Intermediate (WTI) futures were at $51.64 a barrel, up 17 cents, or 0.33 per cent. Both benchmarks have gained more than 10 per cent from their May lows below $50 a barrel, rebounding on a consensus that the Opec and other ...

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First Published: Wed, May 24 2017. 13:43 IST