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Oil prices waver on stronger dollar, output cut optimism

Xinhua, December 16, 2016 Adjust font size:

Oil prices wavered on Thursday and closed almost flat as the market digested news of U.S. interest rates increase and the possibility of supply-demand rebalance in 2017.

Earlier in the day, oil prices fell to the lowest level of the week as U.S. dollars rallied after Federal Reserve on Wednesday raised interest rates for the first time this year. The dollar neared a 14-year high against a basket of other currencies.

Oil prices reversed its losses later after media reported that national oil companies in Saudi Arabia and Kuwait have told customers in Asia they would cut crude supplies following the Organization of the Petroleum Exporting Countries (OPEC)'s decision to cut output.

The West Texas Intermediate for January Delivery dropped 0.14 dollars to settle at 50.90 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 0.12 dollars to close at 54.02 dollars a barrel on the London ICE Futures Exchange. Enditem