August 19, 2017

MTECHTIPS

MTECHTIPS:Brent stays above $108 after OPEC cuts output

Brent crude held above USD 108 a barrel on Wednesday as OPEC pumped less oil last month, although rising output from the United States and uncertainty about its budget for next year limited price gains.OPEC’s production declined in November closer to its oil output target of 30 million barrels per day (bpd), led by a cut in Saudi Arabian output.Jan Brent crude rose 24 cents to $108.25 a barrel by 0605 GMT, up for a third day. U.S. crude for January edged up 2 cents to $85.81 after rising for the first time in six trading sessions on Tuesday.

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