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Oil prices rise as details of Saudi supply cuts start to emerge

11/01/2017 11:00
Oil rose on Wednesday, lifted by reports of Saudi supply cuts to Asia, but gains were capped by a lack of detail about the reductions and because of signs of rising supplies from other producers.

Prices for Brent futures, the international benchmark for oil prices, were trading at $53.94 per barrel at 0800 GMT, up 30 cents from their previous close.