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Oil price surges on production cut

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Oil price surges on production cut

Oil price surges on production cut*/

– Organisation of Petroleum Exporting Countries’ (OPEC’s) members and other producers of crude oil are trying to curtail the decline of crude oil prices, by cutting the production.Saudi Arabia’s Energy Minister, Khalid al-Falih is optimistic about the move to cut the production.Since the deal was announced, oil prices have risen by more than 15%, but they have been unable to hold above $55 a barrel for any period.Already this year, Brent has traded as high as $58 and as low as $53.Brent crude prices were up by 77 cents at USD 55.87 per barrel.Prices were also supported by falling price of US Dollar during the week.They have cut the production by nearly 1.8 mn barrels per day.
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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 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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