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Oil prices edge up on OPEC hopes, but doubts linger

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Oil prices post gains on OPEC hopes, but doubts linger

Oil prices post gains on OPEC hopes, but doubts linger*/

– A female employee fills the tank of a car at a petrol station in Cairo, Egypt, February 24, 2016.REUTERS/Mohamed Abd El GhanyLONDON Oil prices edged higher on Friday as output cuts by OPEC members met with lingering concern that other producers could try to shirk their share of planned decreases aimed at curbing global oversupply.Brent crude futures LCOc1, the benchmark for international oil prices, were trading at $57.20 per barrel at 1229 GMT (7:29 a.m.
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Oil prices edge up on OPEC hopes, but doubts linger

Oil prices edge up on OPEC hopes, but doubts linger*/

– A man pumps petrol for his car at a petrol station in Hanoi, Vietnam December 20, 2016.REUTERS/Kham/File PhotoBy Libby GeorgeLONDON (Reuters) – Oil prices edged higher by mid-morning on Friday as signs of output cuts by OPEC members met with lingering concern that other producers could try to shirk their share of planned decreases aimed at curbing global oversupply.Brent crude futures, the benchmark for international oil prices, were trading at $57.34 per barrel at 1033 GMT, up 45 cents from the previous close.
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Oil prices jump for 3rd day as OPEC members cut output

Oil prices jump for 3rd day as OPEC members cut output*/

– Crude-oil prices erased losses and bounced back into positive territory on Friday on continued signs OPEC members are sticking to their pledges to cut production to reduce the global supply glut.The U.S. oil benchmark West Texas Intermediate CLG7, +0.06% for February delivery jumped 45 cents, or 0.8%, to $54.21 a barrel, after trading as low as $53.46 earlier in the session.The March contract for Brent crude LCOH7, -0.19% the global benchmark, was up 49 cents, or 0.9%, to $57.38 a barrel, setting it on track for 1% weekly jump.
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Oil price rally at risk of stalling as traders eye US shale and fret over OPEC

Oil price rally at risk of stalling as traders eye US shale and fret over OPEC*/

– The shale oil industry in the United States could undo the price hikes caused by the OPEC production cut.Jacob FordShare on twitter Karen Maley by There are growing concerns that the rally in the global oil market, which has seen prices hurtle to an 18-month high, could be stalling amid growing scepticism over as to whether major oil producers will achieve their ambition of bringing an end to the painful supply glut that has weighed on the market for the past two years.Oil enjoyed its biggest annual gain since the financial crisis in 2016 with the price of Brent, the global benchmark, rising 52 per cent, while US crude finished the year up 45 per cent.
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