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Tuesday, 23 May 2017

Oil Halts Advance After Four-Day Gain as OPEC Prepares to Meet - Bloomberg

Oil Halts Advance After Four-Day Gain as OPEC Prepares to Meet - Bloomberg:

"Oil halted its advance after a four-day gain before OPEC meets Thursday to decide on prolonging output cuts by the group and its partners.

July futures dropped 0.9 percent in New York after front-month prices Monday capped a 4.3 percent increase over four sessions. Iraq backed a proposal to extend production curbs into 2018, adding to growing support for longer cuts to clear a global glut. In the U.S., crude inventories probably slid by 2 million barrels last week, according to a Bloomberg survey before data from the Energy Information Administration Wednesday."



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