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Monday, 6 March 2017

Oil market whipsawed as OPEC production discussed | Reuters

Oil market whipsawed as OPEC production discussed | Reuters:

"Benchmark Brent gained while U.S. crude eased slightly on Monday, after the market pushed higher early in the day on reports that Iraq would participate if OPEC extended oil production curbs into the second half of the year. Output forecasts from oil ministers of crude-producing countries buffeted the market as industry leaders gathered at the annual CERAweek energy conference in Houston. Prices have been rangebound for more than 60 days on concerns U.S. production growth may undermine the Organization of the Petroleum Exporting Countries' agreement to cut output during the first half of the year. "We're still searching for direction," said Carl Larry, director of business development at Frost and Sullivan. "We couldn't push it up too far too fast and get over $55," he said, noting that U.S. oil prices had edged upward but not broken out of the range."



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