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Oil prices firm on signs of U.S. production slowdown

Oil prices firm on signs of U.S. production slowdown
From Reuters - July 16, 2017

SINGAPORE (Reuters) - Oil prices firmed on Monday, supported by a slowdown in new rigs looking for crude and a perception of strong demand.

Brent crude futures, the international benchmark for oil prices, were at $49.08 per barrel at 0126 GMT, up 17 cents, or 0.35 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $46.70 per barrel, up 16 cents, or 0.34 percent.

Both crudes extended gains from a strong previous week.

Traders and analysts said the rising prices were a result of strong demand as well as signs that a relentless climb in U.S. oil production was slowing down.

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