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Oil hits August high on potential producer action to prop up market
August 15, 2016 by publisher · Leave a Comment
By Henning Gloystein SINGAPORE (Reuters) – Oil prices rose on Monday to fresh highs for the month of August, with the Brent benchmark gaining 11 percent since the start of the month, as speculation intensifies about potential producer action to support prices in an oversupplied market. Brent crude oil futures rose to a high for the month of $47.40 a barrel on Monday before dipping back to $47.30 per barrel at 0644 GMT (2:44 a.m. ET), up 33 cents from their last settlement, and 11.3 percent above the last close…
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Oil hits August high on potential producer action to prop up market