Business Standard

Oil prices flat in choppy trade, output cut signal

Opec seems to be encouraged by the contribution of non-Opec producers to the output cuts

Opec, Iran, Iraq, Saudi Arabia, Oil, Import
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A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran

Agencies
Leading Gulf oil exporters Saudi Arabia and Kuwait gave a clear signal on Thursday that Opec plans to extend into the second half of the year a deal with non-member producers to curb supplies of crude.

Oil prices were little changed on Thursday in a seesaw trading session, as investors weighed rising U.S. production against comments from leading Gulf oil producers that an extension to Opec-led supply cuts was likely.

Brent futures were up 15 cents to $53.08 a barrel were at 11:40 a.m. EDT (1540 GMT). U.S. crude futures were up 6 cents at $50.50 a barrel.

Consensus is growing among oil

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