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Oil prices extend rally on OPEC deal, weaker dollar

Xinhua, December 3, 2016 Adjust font size:

Oil prices increased for the third consecutive day following the Organization of the Petroleum Exporting Countries (OPEC)'s decision to cut production and a weaker U.S. dollar.

OPEC decided on Wednesday to cut production by 1.2 million barrels per day to 32.5 million for the first half of 2017, which prompted immediate market trading frenzy. The deal was the first of its kind since 2008.

However, crude prices were pressured by data showing an increased U.S. oil rig count and a bargain hunting sentiment.

The oilfield services company Baker Hughes reported Friday that the country's rig count rose by three to a total of 477 this week.

A weaker dollar, on the other hand, helped offset some pressure. The dollar slipped against other major currencies on Friday after the release of a nonfarm payroll report from the country.

The West Texas Intermediate for January Delivery increased 0.62 U.S. dollars to settle at 51.68 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 0.52 dollars to close at 54.46 dollars a barrel on the London ICE Futures Exchange. Endit