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Oil dives, sending US crude below $50 for first time in two weeks

NEW YORK: Oil prices tumbled more than 2 percent on Friday, notching the biggest weekly decline in more than a month on mounting evidence that U.S. production and inventory growth were offsetting OPEC’s attempts to reduce the global crude glut.

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OPEC ‘optimistic’ oil output cuts leading to price recovery

ABU DHABI: Oil-exporting cartel OPEC is confident that production cuts agreed with non-members to prop up prices will lead to a recovery in the market, its chief said on Wednesday. “We are optimistic that the policy measures we have taken already place us on the path of recovery,” OPEC Secretary General Mohammad Sanusi Barkindo said…

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Oil slides 2 percent on strong dollar, doubts of OPEC output cuts

NEW YORK: Oil prices fell 2 percent on Tuesday to the lowest in nearly a month, extending the previous session’s sell-off as the U.S. dollar strengthened and doubts mounted over whether producing countries would implement of a deal to cut output.

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Oil jumps to highest since mid-2015, Fed hike on horizon

NEW YORK: Oil prices surged to an 18-month high on Monday after the world’s top crude producers agreed to the first joint output cut since 2001, sparking concerns about inflation, which pushed up U.S. Treasury yields to a more than two-year peak.

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Oil soars as non-OPEC producers agree on caps

SINGAPORE: Oil soared Monday following a landmark deal by Russia and other non-OPEC producers to join the cartel in capping output, in a bid to end a stubborn global glut that has hammered prices. In a bid to reverse a dramatic fall in income, Russia and 10 other non-OPEC states on Saturday said they will…

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Oil falls on output cut skepticism, OPEC and Russia output rise

NEW YORK: Oil prices on Tuesday ended lower for the first time since OPEC agreed on Nov. 30 to cut output, as data showing record high production in the producer group fed skepticism that it would be able to reduce supplies.

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Iran claims victory in OPEC oil deal

TEHRAN: Iran claimed victory after it was spared any of the cuts in oil production accepted by other OPEC members, including its bitter regional rival Saudi Arabia, to tackle a global glut. “Iran’s oil victory at OPEC” and “Failure of Riyadh’s oil diplomacy” were among the headlines in Iranian newspapers on Thursday morning, a day…

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Oil prices surge as OPEC, Russia agree output cut

SINGAPORE: Oil prices shot up more than 12 percent, smashing trading volume records, after producer club OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned prices could recede as other producers stand by to fill the gap. The Organization of the Petroleum Exporting Countries (OPEC)agreed on…

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US oil prices close at $51.35 a barrel, highest for 2016

NEW YORK: US oil prices finished at their highest level of 2016 Monday after President Vladimir Putin said Russia was ready to align with OPEC’s push to limit oil output.

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Oil rises in New York, buoyed by OPEC cheer

NEW YORK: Oil prices finished higher in New York on Friday, two days after producing countries reached the consensus needed for a production cut.

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Oil prices down on doubts over OPEC deal

SINGAPORE: Oil prices fell in Asia Friday as doubts emerged over the long-term success of a surprise OPEC agreement to cut output and stabilise the oversupplied market. The Organization of the Petroleum Exporting Countries on Wednesday stunned traders by announcing plans to trim collective production by around 750,000 barrels per day. Initial euphoria over what…

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Oil prices down on profit-taking after two-day jump

Oil prices dropped on Friday on profit-taking, after rising 7 percent in the past two sessions, amid doubts that OPEC’s first planned output cut in eight years would make a substantial dent in the global crude glut.

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Oil prices surge after OPEC’s surprise output cut deal

SINGAPORE: Oil prices surged Thursday after the OPEC producers’ group surprised the market with a deal to slash output. At the end of six hours of negotiations and weeks of horse trading, OPEC announced the plan to cut production to a level of 32.5-33 million barrels per day (bpd) from 33.47 billion, bpd in August,…

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Strange bedfellows make a bid to raise oil prices

ALGIERS: OPEC agreed on Wednesday modest oil output cuts in the first such deal since 2008, with the group’s leader Saudi Arabia softening its stance on arch-rival Iran amid mounting pressure from low oil prices.

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Oil dips in Asia as Algiers meeting looms

SINGAPORE: Oil prices edged down in Asia today amid continued speculation over whether producers will agree to limit output at talks in Algeria this week, analysts said. Members of the Organisation of the Petroleum Exporting Countries will meet Wednesday with key non-OPEC producer Russia on the sidelines of the International Energy Forum in Algiers. They…

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Oil edges higher ahead of OPEC meeting

SINGAPORE: Oil prices rose modestly in Asia on Monday ahead of a producers’ meeting this week that might agree to cap supplies. But analysts warned the wellspring of optimism should be tempered by experience of two years of gluts and disagreement among members of the Organization of Petroleum Exporting Countries (OPEC). OPEC and Russia are…

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Oil prices ease as focus shifts to producers’ meeting

SINGAPORE: Oil prices eased in Asian trade Friday on profit-taking following two days of solid gains as traders turned their attention to next week’s planned meeting of key producers. Russia and members of the OPEC oil cartel led by Saudi Arabia will gather in Algeria for three days from Monday and are expected to discuss…

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Oil rises on US stockpile drop, weaker dollar

SINGAPORE: Oil prices climbed Thursday, building on the previous day’s gains following a bigger-than-forecast fall in US stockpiles, and a plunge in the dollar after the Federal Reserve kept interest rates on hold. The commodity rallied Wednesday after the US Department of Energy said inventories had tumbled by more than six million barrels last week,…

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Oil prices up ahead of US stockpiles data, Fed meeting

SINGAPORE: Oil prices rose in Asia Wednesday as traders awaited the release of US energy stockpiles data and a US central bank decision on interest rates. The first crude shipment from Libya in two years had no immediate impact on prices a week before OPEC producers and Russia meet in Algeria to discuss ways to…

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Oil prices down ahead producers’ meeting, US data

SINGAPORE: Oil prices eased in Asia Tuesday with analysts expecting volatility in the run up to a producers’ meeting next week, while traders are also awaiting the release of US stockpiles data. The commodity plunged last week on supply glut worries but bounced slightly Monday after OPEC member Venezuela said a deal to limit output…

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Oil prices up on Libya unrest, hopes for output deal

SINGAPORE: Oil prices edged up in Asia on Monday as OPEC member Venezuela indicated a deal to limit output is close and after fresh fighting in Libya. But gains were limited by continuing worries about a supply glut. Major crude producer states are due to meet in Algeria next week to discuss the global supply…

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