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Oil-Price Rally Undercut by Supply Data

Posted on 17 November 2016

Russian energy minister’s comments boost crude, but prices are dragged down by growing stockpiles. Crude oil settled lower after flipping between gains and losses Wednesday, as renewed optimism that major oil producers could agree to scale back production competed with data showing that crude supplies are still swelling.
Prices began to move higher Wednesday afternoon after Russian Energy Minister Alexander Novak told reporters at a Moscow energy forum that Russia would “support any decision” adopted by the Organization of the Petroleum Exporting Countries, according to media reports………………………………………..Full Article: Source


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