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Oil Dips as Saudi and Russia Quietly Agree Output Rise, U.S. Stocks Swell


Thursday, 4 October 2018 14:00 WIB

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Oil prices on Thursday dipped from four-year highs reached the previous session, pressured by rising U.S. inventories and after sources said Russia and Saudi Arabia struck a private deal in September to raise crude output.

Brent crude oil futures were trading at $85.99 per barrel at 0625 GMT, down 30 cents, or 0.4 percent, from their last close.

Brent on Wednesday hit a four-year high of $86.74 a barrel, lifted by expectations of a tightening market ahead of U.S. sanctions that will target Iran's oil exports from next month.

U.S. West Texas Intermediate (WTI) crude futures were down 29 cents, or 0.4 percent, at $76.12 a barrel.

Source : Reuters


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