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Oil prices gain ahead of meet

Staff Reporter | 10:35 PM | |
NEW York: Oil prices surged in the final minutes of trade last Friday to end higher, having traded down most of the day after OPEC said it would keep output unchanged.
After falling over US$3 (K8.3) the past two sessions, US benchmark West Texas Intermediate for July delivery added US$1.13 (K3.13) to end at US$59.13 (K164.25) a barrel.
In London, Brent crude for July gained US$1.28 (K3.55) to US$63.31 (K175.86) a barrel, likewise following two days of losses of more than US$3.40 (K9.44) a barrel.
Meeting in Vienna last Friday, oil ministers of the 12-nation OPEC defied calls to cut output despite the low price of crude, extending their strategy to preserve market share and fend off competition. – AFP