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Oil prices rally on OPEC's view of balance

stander
stander
in Oil, Gas and Energy News

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NEW YORK, July 12 (UPI) -- Oil prices recovered from steep losses to rally more than 2 percent Tuesday after OPEC said the glut of oil on the market could vanish next year.


Crude oil prices moved slightly higher at the start of trading Monday, only to fall off by the end of the trading session following a report from S&P Global Platts that found output from members of the Organization of Petroleum Exporting Countries was on the rise.



The excess of crude oil on the market, in part a reflection of gains from U.S. shale, helped push oil from above $100 per barrel in 2014 to below $30 per barrel earlier this year.


http://www.upi.com/Oil-prices-rally-on-OPEC's-view-of-balance/6571468330984/?nll=1


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