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Oil prices climb with planned output cuts in focus

Published 2017-01-04, 08:41 a/m
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Investing.com - Oil prices rose on Wednesday, with top exporter Saudi Arabia expected to raise prices for its crude as part of planned supply cuts.
Brent crude was trading up 26 cents, or 0.47% at $55.73 a barrel at 08:50 GMT. U.S. crude was up 18 cents or 0.34% at $52.51.
Oil prices ended sharply lower on Tuesday as the strong dollar weighed, after surging to 18-month highs earlier in the day.
Prices remained supported by hopes that major oil producers will stand by their agreement on planned production cuts aimed a draining a global supply glut.
The planned cuts and the way U.S. producers respond to rising prices will help set the direction for the oil market going into the new year.

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