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Profit Taking Eats At Crude Oil Gains

Crude oil futures slipped from 3-year highs Friday, as traders booked profits from a furious rally inspired by a weak dollar and hopes the global market will re-balance this year.

OPEC continues to signal its determination to end the global supply glut. A UAE minister said this week that the cartel is prepared to extend its supply quota plan with Russia beyond 2018 if necessary.

Meanwhile, U.S. production is showing signs of levelling after after huge shale oil output in the past two years. The Baker Hughes US weekly oil rig count is due this afternoon. The company reported 5 fewer rigs last week.

WTI light sweet oil was down 35 cents at $63.47 a barrel, having touched its highest since December 2014.

Toronto's stock exchange is reportedly out of the running for the coveted Aramco IPO. The Saudi state oil company is expected to debut this year.

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