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Oil rises to its highest level in two years
11:14 - 26/12/2017
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Information / Baghdad ..
Oil prices stabilized on Tuesday and Brent crude is near its highest level since 2015, buoyed by strong demand forecasts amid continuing OPEC-Russia production cuts.
US WTI crude futures were $ 58.52 a barrel, up 5 cents from the previous settlement.
Global Brent crude hit $ 65.25 a barrel, unchanged from the previous close, but nearing its June 2015 high of $ 65.83 a barrel briefly touched on Dec. 12.
The Organization of the Petroleum Exporting Countries (OPEC) and Russia, the world's largest single oil producer, are curbing production to narrow the gap between supply and demand in the market and price support.
The cut-off deal came into effect in January and is scheduled to last until the end of 2018.
Iraqi Oil Minister Jabbar al-Luaibi predicted on Monday that there would be a balance between supply and demand during the first quarter of 2018, leading to the strengthening of oil prices.
Production cuts came amid strong global demand, which many analysts expect to reach 100 million barrels per day for the first time next year or 2019. 25
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