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Oil prices recover on lower output from U.S., Russia, OPEC

From reuters.com

Oil prices rebounded on Tuesday on reports that output from the world’s largest oil producers fell during the third quarter, although a resumption in Saudi supply and demand concerns kept a lid on gains. Brent crude futures LCOc1 rose 57 cents to $59.82 a barrel by 0852 GMT, while U.S. West Texas Intermediate crude CLc1 was up 59 cents at $54.66 a barrel. Front-month prices for both contracts posted their largest quarterly falls this year on Monday, hurt by a slowdown in global economic growth amid the U.S.-China trade war. “Although oil has been given every opportunity to jump well above $70 per barrel due to ... (full story)

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  • Category: Fundamental Analysis