December 7, 2016 5:26 PM

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Oil steadies on doubts output cut

Global crude oil prices steadied, today, as investors waited to see if OPEC and Russia deliver promised production cuts. Brent crude oil futures were up just 10 cents, to 54.03 dollars a barrel. U.S. crude was up 15 cents, at 51.08 dollars a barrel. Oil prices had surged as much as 19 percent after the OPEC and Russia agreed, last week, to cut production next year in an effort to prop up markets. But since the deal was announced, both OPEC and Russia have reported record production, while output elsewhere is also resilient. The U.S. Energy Information Administration said on Tuesday it expected domestic crude oil production for 2016 and 2017 to fall by less than previously expected. OPEC and non-OPEC oil producers meet this weekend in Vienna to agree details of the output cut. Analysts said about the OPEC deal that there is a big discrepancy, right now, between expectations, perception and reality.

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