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Oil stable on expectations of extended OPEC-led production cut

Mimi Sabreena 12:09:00 PM Informasi

SINGAPORE (May 12): Oil prices were stable on Friday as traders expected OPEC-led production cuts to extend beyond the middle of this year, and as U.S. crude inventories fell to their lowest levels since February.

International Brent crude futures were at US$50.78 per barrel at 0159 GMT on Friday, virtually unchanged from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at US$47.85 per barrel, up 2 cents.

"Crude prices could be poised for recovery," U.S. investment bank Jefferies said in a note.

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