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US crude rises 41 cents, settling at $56.83, as traders await OPEC’s decision on output cuts

Written by Reuters and Published on CNBC.com

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Oil rose on Tuesday, supported by expectations of an extension next week to OPEC output cuts, but prices remained under pressure from signs of higher output in the United States.

“Geopolitical tensions in the Middle East and a deteriorating macroeconomic picture in Venezuela will remain supportive of oil prices in the run-up to the November OPEC meeting,” said Abhishek Kumar, Senior Energy Analyst at Interfax Energys Global Gas Analytics in London.

“However, persistently high oil production in the United States will be the predominant bearish factor limiting gains in oil prices,” Kumar noted.

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Written by Reuters and Published on CNBC.com

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