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KUWAIT 'CUTS OUTPUT'

Oil hits 18-month high at $58.37

SINGAPORE, January 3, 2017

Oil prices hit 18-month highs on the first full trading day of the new year as reports suggested Opec member states have begun to reduce production.

Brent crude rose more than 2 percent to $58.37, up $1.55 a barrel and its highest since July 2015. However, it later eased to $58.12.

US light crude oil hit an 18-month high of $55.24, up $1.52 a barrel, also its highest since July 2015, before slipping to around $55, said a Reuters report.

Meanwhile, reports said Opec member Kuwait had cut output by 130,000 barrels a day to about 2.75 million a day. Oman also said to cut 45,000 barrels a day from 1.01 million.

Organization of the Petroleum Exporting Countries (Opec) and other exporters such as Russia had agreed to reduce output by almost 1.8 million barrels per day (bpd). The deal was to be operational from January 1.




Tags: Oil | Brent | Crude |

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