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Brent crude and West Texas Intermediate are trading higher today rebounding from yesterday's decline. Yesterday Saudi Oil Minister Ali Al-Naimi said OPEC's biggest producer will seek to maintain market share and that global demand growth this year was slower than expected. Iraq plans to boost its production next year, Oil Minister Adel Abdul Mahdi said. Trading volatility stayed at the highest level in more than three years.
Oil has slumped about 21 percent since OPEC decided against cutting its production target last month, prompting a plunge in the value of currencies from the Russian ruble to the Norwegian krone. Prices have tumbled by half since June amid surging production and slower-than-expected demand growth. Output in the U.S. is the highest in three decades.
Today prices stabilized as markets expect firm data from the United States, the world's largest consumer of oil. The OPEC sees oil prices to rebound to USD70-USD80 by the end of next year on a growing world economy.
Brent Crude added +1.15%, currently trading at USD60.80 a barrel after its new lows from last Friday. West Texas Intermediate rose +1.57% currently quoted at USD56.13.
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