Oil prices mixed after steep losses overnight

NEW YORK, Aug. 17 (UPI) -- Crude oil prices migrated toward positive territory after steep overnight losses Wednesday emerged as analysts mulled the prospects of OPEC price action.

Crude oil prices surged more than 10 percent in the last week on signs the gap between supply and demand was narrowing. Further support for a rally in crude oil prices emerged late last week on suggestions, backed by official comments during the weekend, that members of the Organization of Petroleum Exporting Countries would consider artificial action to stimulate the markets.

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