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Oil hits 2016 peaks on fading supply glut fears

LONDON: World oil prices soared this week to 2016 highs as Canadian and Nigerian supply problems and sliding US production helped reduce the stubborn global supply glut.

Oil prices dip after rally

LONDON: Oil prices dipped Monday as the rally sparked by prospects of a cut to the global supply glut faded.

Oil price recovery not backed by fundamentals: OPEC

VIENNA: A recovery in oil prices which began last month is not justified by fundamentals as there remains a supply glut in the market, oil cartel OPEC said Monday in its monthly report.
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