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Oil Rally Fades As OPEC Bluffs Supply Cuts

Crude oil futures were steady Wednesday morning, supported by signs of impatience within OPEC over relatively low energy prices.

OPEC Secretary General Barkindo suggested the cartel would take any means necessary to ensure global oil markets re-balance at their November 30th meeting. However, data released this morning shows that OPEC production actually rose in September.

Still, Barkindo urged the U.S. to cut back on production.

A day late due to Columbus Day, the American Petroleum Institute (API) is to release its estimates of crude oil refineries at the end of last week, followed by official data on Thursday from the Energy Information Administration.

Meanwhile, U.S. light sweet crude oil was flat at $50.90 a barrel, having rallied earlier in the week.

by RTT Staff Writer

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