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Oil prices little changed despite Saudi export cuts, U.S. stocks draw
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Oil prices steady despite Saudi export cuts, U.S. inventory draw
Oil prices were little changed on Thursday as a drop in crude exports from OPEC's defacto leader Saudi Arabia and a draw in U.S. oil inventories supported prices, while the strengthening dollar and weak equities kept futures in check . Brent crude futures were at $71.70 a barrel by 11:24 a.m. EDT (1524 GMT), up 8 cents from their last close and near Wednesday's five-month high of $72.27 a barrel. U.S. West Texas Intermediate (WTI) crude futures were down 10 cents at $63.66 a barrel.
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Oil prices inch up on signs of tightening global supply
Oil futures edged up on Thursday as a drop in crude exports from OPEC's de facto leader, Saudi Arabia, and a draw in U.S. drilling rigs and oil inventories supported prices. Brent saw a weekly gain of 0.6 percent, marking the fourth consecutive weekly rise for the international benchmark. Saudi Arabia's crude oil exports fell by 277,000 barrels to just under 7 million bpd in February from the month before, according to data from the Joint Organizations Data Initiative (JODI).
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Oil prices rise on lower U.S. stocks, OPEC+ supply cuts
Oil prices rose slightly on Thursday, boosted by a decline in U.S. inventories, ongoing supply cuts from OPEC and its allies, and U.S. sanctions on Venezuela and Iran. Brent crude futures were at $71.89 a barrel at 1129 GMT, up 27 cents from their last close and near Wednesday's five-month high of $72.27 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $64 per barrel, up 24 cents.
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Oil prices little changed despite Saudi export cuts, U.S. stocks draw
Oil futures held steady on Thursday as a drop in crude exports from OPEC's de facto leader, Saudi Arabia, and a draw in U.S. oil inventories supported prices, while a strengthening dollar kept futures in check. Brent crude futures were higher at $71.73 a barrel by 1:20 p.m. EDT (1720 GMT), up 11 cents from their last close and near Wednesday's five-month high of $72.27. U.S. West Texas Intermediate (WTI) crude futures were down 10 cents at $63.66 a barrel.
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