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Oil prices rebound sharply on news of limiting output

Monday, February 29, 2016 - 05:50

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After beginning the week lower, oil prices stabilised on Wednesday as traders looked past an increase in US crude inventories to a welcome drop in petrol supplies.

London

WORLD oil prices rebounded sharply last week on signs producers may still agree to limit output to tackle a supply glut that has sent crude tumbling for more than 18 months.

By Friday, US benchmark West Texas Intermediate (WTI) for delivery in April stood at US$34.24 a

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