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Oil rises above $50 as Iraq raises prospect of more OPEC action

from Bloomberg

Oil extended gains above $50 a barrel in New York as Iraq raised the prospect of OPEC taking further steps to clear a global supply glut. West Texas Intermediate futures added 0.8 percent. Iraqi Oil Minister Jabbar al-Luaibi said there’s support in the Organization of Petroleum Exporting Countries to deepen output curbs by about 1 percent. Still, Iraq has failed to deliver the supply cuts it committed to under the current agreement. U.S. refiners are delaying scheduled maintenance as they resume operations after Hurricane Harvey, supporting demand for crude. more

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