Oil prices rise as OPEC chief talks up output cuts
Buz Investors Oil prices rise The commodity is trading at $54.10 per barrel at 10:40 GMT this morning, 0.76% higher from the New York close. Crude oil witnessed a high of $54.20 per barrel and a low of $53.59 per barrel during the session. In the New York session yesterday, crude oil fell 0.06% to close at $53.69 per barrel. Meanwhile, Saudi Arabia’s oil exports declined to 8.0 million barrels per day (bpd) in December, compared to 8.3 million bpd in the previous month. Immediate downside, the first support level is seen at $53.69 per barrel, while on the upside, the first resistance level is at $54.35 per barrel.
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Oil prices rise
Saudi Arabia’s oil exports declined to 8.0 million barrels per day
Oil prices rose more than $1 a barrel on Tuesday after OPEC said it was sticking to its agreement to cut production and hoped compliance with the deal would be even higher.
Benchmark Brent crude oil jumped 46 cents, or 0.8 percent, a barrel to $56.64 by 10:42 a.m. ET (1542 GMT). It hit a high of $57.31 earlier in the day.
U.S. light crude was up 66 cents, or 1.2 percent, at $54.06, off a session peak of $54.68.
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