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U.S. oil keeps rising after OPEC deal

Xinhua, October 1, 2016 Adjust font size:

Oil prices wavered in a tight range Friday, as investors became cautious after recent solid gains spurred by a production-cut agreement among the Organization of Petroleum Exporting Countries (OPEC).

The OPEC on Wednesday reached a "historical" agreement to ceil oil output from 33.24 million barrels a day to a range of 32.5 million to 33 million barrels a day, marking the first production-cut deal among OPEC members in eight years.

Riding on optimistic sentiment of the deal, oil prices rallied over 7 percent in the past two sessions.

However, some analysts said there remained a lack of clarity over details, as well as a risk the deal could unravel.

Meanwhile, the number of rigs operating in U.S. fields rose by seven to 425 this week, marking the 13th week of increase in the past 14 weeks, reported oilfield services company Baker Hughes Friday.

The West Texas Intermediate for November delivery added 0.41 U.S. dollar to settle at 48.24 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery decreased 0.18 dollar to close at 49.06 dollars a barrel on the London ICE Futures Exchange. Endit