Oil inches towards $54 a barrel

Oil inches towards $54 a barrel

Oil price is inching towards the $54/bbl Monday as optimism spurred by OPEC’s output cuts confronts pessimism over rising US supply. According to according to OPEC’s Secretary-General Mohammad Barkindo, the cartel’s crude stockpiles are starting to decline in a sign that the production cuts implemented this year are bringing the market to balance and this has helped the price…

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