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Oil hovers near 2019 highs amid OPEC cuts, but economic slowdown weighs

Updated : February 21, 2019 01:51 PM IST

US West Texas Intermediate (WTI) crude oil futures were at $57.39 per barrel at 0742 GMT, 23 cents, or 0.4 percent, above their last settlement, and close to their 2019 high of $57.55 reached the previous day.
International Brent crude futures were at $67.20 per barrel, 12 cents, or 0.2 percent above their last close and not far off their 2019 peak, hit the day before, of $67.38 per barrel.
The main factor keeping oil prices from rising even further is soaring US oil production, which rose by more than 2 million bpd last year, to a record 11.9 million bpd.

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