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Oil rises, but growing U.S. output threatens rally

 

LONDON - Oil edged up on Monday, as investor optimism over the effectiveness of producer cuts encouraged record bets on a sustained price rise, although growing U.S. output and stubbornly high stockpiles kept price gains in check. Brent futures were up 28 cents at $56.09 a barrel at 1448 GMT, while U.S. West Texas Intermediate crude was up 23 cents at $53.63.

Investors have certainly taken OPEC members at their word on their commitment to cut production and now hold more crude futures and options than at any time on record.

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