Oil update: crude was up 0.1%

Oil prices were little changed today as the market looked for clues on how effectively OPEC production cuts are working to absorb a global supply overhang.

Brent crude was up 0.1 percent, at USD 51.79 per barrel, after closing the previous session down 7 cents, and was on track for a weekly gain of about 0.8 percent.

US West Texas Intermediate crude (WTI) was up 0.11 percent, at USD 48.86 a barrel and was also set for a small weekly rise.

Oil prices fell sharply last week on concerns that production cuts by OPEC and non-OPEC members including Russia are not cutting a supply overhang as quickly as expected in the face of increased US output.






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