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Oil near three-year high of $69.8/bbl on output cuts by OPEC, Russia

a number of analysts have warned that the 13 per cent rally since the start of the year could peter out in the short term due to global refinery maintenance and rising North American production

Reuters  |  London 

Oil hovered near a three-year high of $70 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies, but analysts warned of "red flags" due to surging US production. International benchmark Brent crude futures were trading 3 cents lower at $69.84 by 1522 GMT, having risen above $70 earlier in the session. US West Texas Intermediate (WTI) crude futures were up 22 cents at $64.52 a barrel. Trading was relatively slow due to a national holiday in the United States. A production-cutting pact between the Organization of the Petroleum ...

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First Published: Tue, January 16 2018. 02:42 IST