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Oil has broken through its 2016 peak price, a barrel of Brent crude going north of 54 dollars in trading, while WTI went over 51.
That makes a 10% rise in the week, quickening in pace following Wednesday’s OPEC deal.
Analysts are keen to point out that OPEC’s cuts agreed in Vienna represent production cuts, and do not cover export numbers. Russia will in any case only begin its progressive cuts in 2017, and fellow non-OPEC members are expected to go along with the plan at their meeting with OPEC on December 9 with cuts of their own.
2016.12.01 / 23:57