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OPEC-Members’ Comments Drive Up Crude Prices

Crude prices managed to regain its footing on Thursday after incurring steep losses in the previous day, as Kuwait said it is looking forward to an OPEC-led effort to curb oversupply would be extended into the second half of the year.

Brent crude futures traded at $53.34 per barrel, advancing by 41 cents or 0.77 percent from their last finish. Meanwhile, U.S. WTI traded up 32 cents or 0.63 percent, to trade at $50.76 per barrel.

Traders said that the rally in prices came after comments by OPEC-members, Saudi Arabia and Kuwait that an agreed deal by the OPEC and other producers to lower output by 1.8 million bpd during the first half of the year would be extended beyond June.

A 1 million barrels decline last week to 532.34 million barrels in U.S. crude stocks according to the EIA also helped prop-up prices.

The price gains reverses some of the more than 3.5 percent drop in both oil benchmarks during the prior session after the EIA reported a jump in gasoline inventories along with another increase in U.S. crude oil production to 9.25 million bpd, rising by almost 10 percent since mid-2016.

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