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Oil prices climb amid expected OPEC cut, but markets remain wary


Added 11-18-18 11:03:02pm EST - “Oil prices rose around 1 percent on Monday as traders expected top exporter Saud...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Oil prices climb amid expected OPEC cut, but markets remain wary”. Below is an excerpt from the article.

SINGAPORE (Reuters) - Oil prices rose around 1 percent on Monday as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply toward year-end.

Despite that, market sentiment remains weak on signs of a demand slowdown amid deep trade disputes between the world’s two biggest economies, the United States and China.

Front-month Brent crude oil futures LCOc1 were at $67.29 per barrel at 0259 GMT, up 53 cents, or 0.8 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1, were up 71 cents, or 1.3 percent, at $57.17 per barrel.

“The market’s bullish radar is still waiting for OPEC+ to deliver a sizeable cut number,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

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