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Monday, 10 April 2017

Oil Extends Gain Above $52 as Russia Weighs Output Cut Extension - Bloomberg

Oil Extends Gain Above $52 as Russia Weighs Output Cut Extension - Bloomberg:

"Oil headed for its highest settlement in a month as Russia signaled it’s weighing an extension to OPEC-led production cuts, offsetting concern rising U.S. production will exacerbate a global glut. Futures rose as much as 0.7 percent in New York after advancing 3.2 percent last week following a U.S. military strike on Syria. Russia’s energy ministry has been in discussions with oil companies regarding the need to prolong the six-month deal when it expires, Energy Minister Alexander Novak said Friday. In the U.S., companies increased the rig count to the highest since August 2015."



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