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Oil hovers near 6-week high amid Gulf of Mexico storm, West Asia tensions

By Thursday, oil companies in the Gulf of Mexico had cut more than 1 million barrels per day of output, or 53% of the region's production

Middle East | West Asia | global oil prices

Reuters  |  Seoul 

Oil prices hovered near six-week highs on Friday as US oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued to simmer in the Middle East. Brent crude futures were up 53 cents, or 0.8%, at $67.05 per barrel by 0606 GMT. The international benchmark settled down 0.7% on Thursday after hitting its highest since May 30 at $67.65 a barrel. US West Texas Intermediate (WTI) crude futures were up 42 cents, or 0.7%, at $60.62 a barrel. The US benchmark marked its highest level since May 23 in the previous session at ...

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First Published: Fri, July 12 2019. 12:26 IST