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Oil hits highest since July 2015; producers say market rebalancing


Oil prices soared more than 3 percent on Monday, with Brent hitting its highest in more than two years, after major producers said the global market was on its way to rebalancing, while Turkey threatened to cut oil flows from Iraq’s Kurdistan region toward its ports, APA reports quoting Reuters.

 

The November Brent crude futures contract settled up$2.16, or 3.8 percent, at $59.02 a barrel, its highest since July, 2015.

 

U.S. West Texas Intermediate crude for November delivery rose $1.56, or 3 percent, to settle at $52.22 a barrel, the highest since April.

 

“It’s all driven by the idea that the production cut is starting to work and the rebalance is underway,” said Gene McGillian, director of market research at Tradition Energy in New York.

 

Even as both contracts rallied, concerns about U.S. production growth weighed on WTI, widening its discount, he said.

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