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December 2018
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Friday, 30 November 2018 11:00

Oil prices creep up on expected OPEC cuts

Oil prices creep up on expected OPEC cuts

Oil prices firmed on Friday on expectations that OPEC and Russia will agree some form of production cuts next week, although swelling U.S. supplies kept markets in check, Caspian Energy News (www.caspianenergy.net) reports with reference to Reuters.

International Brent crude oil futures LCOc1 were at $59.65 per barrel at 0533 GMT, up 14 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were up just 3 cents at $51.48 per barrel.

Despite the firmer prices, crude oil has lost almost a third in value since early October because of an emerging supply glut following a global surge in production, including from the United States, Russia and by the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC).

More details: https://in.reuters.com/article/us-global-oil/oil-prices-creep-up-on-expected-opec-cuts-but-u-s-supply-growth-caps-gains-idINKCN1NZ01P

Person in charge of the newsline: Olga Nagiyeva 

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