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Wednesday, 23 November 2016

Oil price firms after Iraq says it is ready to cut output

Oil price firms after Iraq says it is ready to cut output:
"Iraq’s prime minister said the country is willing to cut some of its own production, in a move that could smooth the way to a supply deal when Opec, the oil cartel, meets next week.

Haider al-Abadi said Iraq would “shoulder responsibility” for some of the planned reductions of the 14-member group’s output to bolster the oil price, according to comments reported by Reuters.

The price of Brent crude, the international benchmark, rose 20 cents to $49.28 a barrel following the news, from an earlier low of $48.56 a barrel. West Texas Intermediate, the US marker, increased 25 cents to $48.27 a barrel, from a low of $47.40."

'via Blog this'