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Oil prices are down after a strong rally
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Economy News _ Baghdad Oil prices fell on Monday in early Asian trading after a gain of 20 percent in the third quarter after a survey showed a slight rise in OPEC production in September. US crude fell two years to $ 51.65 a barrel, and US benchmark crude on Friday posted its biggest quarterly rise since the second quarter in 2016, the longest weekly gain since January. Brent crude for December delivery dipped six cents to $ 56.73 a barrel. Brent crude for November delivery rose 13 cents to $ 57.54 a barrel on Friday, a third-quarter gain of nearly 20 percent, the biggest rise in five quarters. That was the biggest increase in the third quarter since 2004. Brent hit its highest level in more than two years at the beginning of last week and recorded its fifth largest weekly gain, respectively. Higher prices boosted demand from US refineries, which resumed operations after Hurricane Hurricane shut down. http://economy-news.net/content.php?id=9219 |
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