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Oil prices rose moderately during today's trading after being under further pressure on Thursday due to concerns about supply disruptions in Libya after the seizure of Libya's El Sharara field by armed militia and a damaged pipeline in Saudi Arabia.
Prizes declined this week after Saudi Arabia's announcement to cut official prices for oil destined to the U.S. markets and signs that global supply will stay ahead of demand in the time to come and due to the U.S. shale boom.
"We don't see that much of change in fundamentals. The decline is 28 percent, it's a little bit too much.", OPEC Secretary-General Abdullah al-Badri said on Thursday further stating that the price drop cannot continue as it's threatening investment in production.
Brent Crude, set for a seventh week of consecutive price drops, is currently trading +0.18% at USD83.01, WTI Crude +0.35% at USD78.18.
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