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Oil prices slip after 5 percent surge

Oil benchmarks are reporting moderate losses at press time, having surged 5 percent on Wednesday.

Both WTI and Brent picked up a strong bid yesterday after Saudi Arabia's Oil Minister said that said the kingdom will reduce output to 10.2 million barrels per day this month - down about 900,000 bpd from the record high registered in November.

Al-Falih went a step further and expressed readiness to take more steps if the market remains oversupplied.

Further, the optimism generated by the US-China trade talks and the risk-on in the equities added to the bullish tone around oil prices.

The talks, however, failed to produce a breakthrough trade deal and that is likely weighing over the US stock futures and oil prices. At press time, the S&P 500 futures are down 0.4 percent. Meanwhile, WTI and Brent oil are down 0.9 percent at $51.88 per barrel and $60.97 per barrel, respectively.

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