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2016-12-07 18:35:00

STATOIL SEES $60

STATOIL SEES $60

REUTERS - The balance between demand and supply in the oil market will shift earlier than previously expected due to OPEC's output cuts, with prices heading towards $60 a barrel next year, Statoil's chief executive said on Tuesday.

Brent crude futures LCOc1 hit $55 a barrel on Monday, the highest level since July 2015, after OPEC agreed on Dec. 1 to curb production by 1.2 million barrels per day (bpd) from January.

"It means that the rebalancing of the market can come at an earlier…

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Tags: STATOIL, OIL, PRICE, BRENT, WTI

Chronicle:

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NUCLEAR FOR BETTER LIFE

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RUSSIA, DUBAI INVESTMENT

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U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in March after edging up 0.1 percent in February; for the first quarter as a whole, the index slipped 0.3 percent at an annual rate.

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