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Oil Prices Rise On Weak Dollar

Oil prices rose on Friday after OPEC flagged a crackdown on member states that did not cut output.

A weaker dollar also offered some support while data showing a rebound in Saudi Arabia's crude oil exports and news about the resumption of production in the Gulf of Mexico capped the upside.

Benchmark Brent crude rose 18 cents, or 0.4 percent, to $43.48 a barrel, while U.S. crude futures were up 20 cents, or half a percent, at $41.16 a barrel.

OPEC and non-OPEC allies held an online meeting on Thursday to review the market and discuss compliance with deep production cuts.

It was reported that the group has asked Iraq, Nigeria and the UAE to cut more barrels to compensate for excess production in the three months to July.

OPEC+ did not announce additional output cuts at Thursday's meeting, as widely expected.

Treasuries nudged higher and the dollar slipped after the U.S. Federal Reserve indicated this week that interest rates will stay low for years to come.

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