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Oil Rallies As OPEC Pressures U.S. On Supplies

Crude oil futures rose Tuesday, touching monthly highs as the dollar weakened versus major rivals.

Nov. WTI oil climbed $1.34, or 2.7%, to settle at $50.92/bbl.

Prices rallied after the head of OPEC urged the U.S. to help re-balance the global oil market by cutting supplies.

"We urge our friends, in the shale basins of North America to take this shared responsibility with all seriousness it deserves, as one of the key lessons learnt from the current unique supply-driven cycle," said Mr. Secretary General Barkindo.

"At the moment we (OPEC and independent U.S. producers) both agreed that we have a shared responsibility in maintaining stability because they are also not insulated from the impact of this (price) downturn."

by RTT Staff Writer

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