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Brent crude and West Texas Intermediate are trading higher today, rebounding from 5-1/2 year lows hit last week, after Saudi Arabia's oil minister Ali Al-Naimi said on Sunday that lower prices would help demand and spur economic growth and his colleague from the United Arab Emirates demanded production cuts outside the OPEC as he blamed other producers of harming the market with overproduction. According to Bloomberg daily production rose by more than 2 million barrels a day since January 2013.
Brent Crude added +1.19%, currently trading at USD62.11 a barrel and further recovered from lows below USD60 now trading above USD62. Crude hit a low at USD58.50 last week. West Texas Intermediate rose +0.88% currently quoted at USD57.63.
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