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Oil prices waver narrowly after strong rebound

Xinhua, August 20, 2016 Adjust font size:

Oil prices fluctuated in a tight range Friday, with U.S. oil logging a seven-day winning streak, as traders became cautious after recent solid gains.

Both U.S. oil and Brent crude have risen about 15 percent in the last six sessions on speculation that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries will agree next month to a production freeze deal with non-OPEC members led by Russia.

For the week, U.S. oil posted its best weekly gains in more than five months.

Meanwhile, oilfield services company Baker Hughes said Friday that the number of rigs operating in U.S. fields rose by 10 to 406 this week, notching an eighth straight weekly gain.

The West Texas Intermediate for September delivery increased 0.30 U.S. dollar to settle at 48.22 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery fell 0.01 dollar to close at 50.88 dollars a barrel on the London ICE Futures Exchange. Enditem