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Oil Ends Friday Mixed, Higher Over Month

September 30, 2016 at 23:14 by Vladimir Vyun

Crude oil ended Friday mixed, with the West Texas Intermediate grade rallying and Brent oil falling. Reuters reported that the Organization of Petroleum Exporting Countries is likely to reach record output (at least in recent history) in September. Earlier this week, the OPEC announced that it is going to cut its production, though by how much each individual member of the group should reduce output is yet to be decided. Meanwhile, the Energy Information Administration reported that US supply fell 20,000 barrels per day in July to 8.69 million bpd.

November futures for WTI crude oil closed 0.86% higher at $48.24 per barrel on NYMEX today. Brent crude, on the other hand, went down by 0.37% to close at $49.06 per barrel on ICE.

Over month, both grades of crude rallied. Brent crude rallied 4% and WTI oil jumped as much as 8%. That was the second straight monthly gain.

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