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Oil moves up
Apr 13:
Oil advanced for a seventh day in New York, the longest gain since December, on confidence Saudi Arabia will support an extension to OPEC-led output cuts just as U.S. stockpiles show signs of shrinking.
8Futures in New York were holding gains after rising 6.3 percent in the previous six sessions.
8Saudi Arabia is likely to back prolonging the curbs into the second half of 2017 in an effort to boost prices, according to a person familiar with the kingdom’s internal discussions. Several other countries, including Kuwait, have also expressed public support for an extension.
8Industry data was said to show U.S. crude supplies fell last week, leading to the increase in price.
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8Futures in New York were holding gains after rising 6.3 percent in the previous six sessions.
8Saudi Arabia is likely to back prolonging the curbs into the second half of 2017 in an effort to boost prices, according to a person familiar with the kingdom’s internal discussions. Several other countries, including Kuwait, have also expressed public support for an extension.
8Industry data was said to show U.S. crude supplies fell last week, leading to the increase in price.
Click on Reports for more
