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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oil slips on economy fears, but Opec cuts provide backstop

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SINGAPORE: Oil markets fell on Friday, pulled down by worries over a global economic slowdown, although Opec-led supply cuts and US sanctions against Venezuela provided crude with some support. US West Texas Intermediate (WTI) crude futures stood at $52.17 per barrel by 0755 GMT, down 47 cents, or 0.9 per cent, from their last settlement. International Brent crude oil futures were down by 48 cents, or 0.8 per cent, at $61.15 per barrel.


Despite this, traders said crude prices were prevented from falling much further by supply cuts led by the Organization of the Petroleum Exporting Countries (Opec), adopted late last year with the aim of tightening the market and propping up prices.


As part of the cuts, Opec-kingpin Saudi Arabia cut its output in January by about 400,000 barrels per day (bpd) to 10.24 million bpd, according to Opec sources. — Reuters


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