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Oil price swings higher after triple-whammy boost

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Oil price swings higher after triple-whammy boost

Oil price swings higher after triple-whammy boost*/

– Earlier losses for the oil price yesterday were reversed into a near three per cent gain by the end of the day, with oil prices almost one per cent higher this morning.See related Will Brexit Britain endure an economic recession?The commodity benefitted from a triple-whammy of good news relating to a landmark deal to cut global production and greater demand in China and Forex markets.
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Oil price forecasts for 2017, 2018 rise as downside risks fall: Kemp

Oil price forecasts for 2017, 2018 rise as downside risks fall: Kemp*/

– A service truck drives past an oil well on the Fort Berthold Indian Reservation in North Dakota, November 1, 2014.REUTERS/Andrew CullenLONDON (John Kemp is a Reuters market analyst.Opinions expressed are his own.)
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Oil price rise falters as doubts emerge over Opec cuts

Oil price rise falters as doubts emerge over Opec cuts*/

– The oil market’s tentative recovery has hit a setback as niggling concerns over Opec’s plans to cut supply punctured growing market optimism.The market enjoyed its strongest rally in six weeks on Thursday, taking the price of Brent crude to almost $56.50 a barrel, but as market jitters re-emerged the price tumbled back over $1 to $55.30.Earlier in the week the market was emboldened by fresh data suggesting deeper than expected oil supply cuts from Saudi Arabia, one of the world’s biggest oil producers, and spurred on by a weaker dollar following president elect Donald Trump’s first press conference.
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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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