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Oil is rallying as it rebounds from last week’s 10-month lows





FILE PHOTO - A worker at an oil field owned by Bashneft, Bashkortostan, Russia, in this January 28, 2015 file photo. REUTERS/Sergei Karpukhin/Files

LONDON — Oil continued to rally on Friday morning as a decline in US production eased concerns about a global oversupply.

WTI and Brent crude are both up 0.8% by mid-morning in London, reaching $45.30 and $48.02 per barrel respectively. Prices have recovered over 7% from last week’s 10-month lows.

The rally came after US crude production dropped by 100,000 barrels per day to 9.3 million last week. That represents the steepest weekly fall since July 2016.

Here’s how Brent looks at 10.20 a.m. BST (5.20 a.m. ET):Screen Shot 2017 06 30 at 10.19.58And here’s US West Texas Intermediate read more >>>

Source:: BusinessInsider.Com

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