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Oil rises on expected Opec supply cuts, but record US production drags

Opec's de-facto leader Saudi Arabia wants the cartel and its allies to cut output by about 1.4 million barrels per day

Reuters  |  Singapore 

Oil prices rose on Friday amid expectations of supply cuts from Opec, although record US production dragged. US West Texas Intermediate (WTI) crude oil futures were at $56.84 per barrel at 0353 GMT, up 38 cents, or 0.7 per cent, from their last settlement. Brent crude oil futures were up 48 cents, or 0.7 per cent, at $67.10 per barrel. Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (Opec) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of ...

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First Published: Fri, November 16 2018. 09:43 IST
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