Oil Prices Rise Above $59 a Barrel

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Oil prices rose above $59 a barrel Friday after Norway ordered production shut down at two offshore platforms, reducing flows by about 10 percent from the world’s third-largest oil exporter, the Associated Press reports.


A decline in U.S. inventories of distillate, which includes heating oil, also played a part in the rally of more than $1 a barrel, and traders continued to watch OPEC for any sign that the cartel will cut output.


Saudi Arabia – the largest producer in the Organization of Petroleum Exporting Countries – has yet to publicly confirm repeated statements from OPEC’s president that members are “nearing consensus” on how to divvy up a 1 million-barrel-a-day reduction.


Read the full Associated Press story

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