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Oil prices on Kuwaiti minister’s comments

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic rose on Monday after Kuwaiti Oil Minister said economic recovery in 2016 is likely to push up oil prices.

At the time of writing, the WTI oil futures were up 0.18% at USD 49.72/barrel, while Brent oil futures were up 0.40% at USD 53.12/barrel. "There are indications that a lot of high-cost oil production‎ is starting to get out of the market and this will help improve prices," Kuwait’s Omair said. Furthermore, Baker Hughes Inc data on Friday showed the number of US rigs drilling for oil fell for a consecutive sixth week.

However, most investment banks still hold a bearish to sideways view. Meanwhile, US dollar traded near a three-week low versus a basket of major currencies, which also offered support to Oil.

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