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Potential for Oil to Move Pull Back in 2H -- Market Talk

18 Jan 2017 5:11 am

0511 GMT - If OPEC nations don't extend production caps beyond June and recent US production growth doesn't reverse, oil prices could move back toward $50 after likely averaging $55-60/barrel in 1H, says Vivek Dhar, the commodities strategist at Commonwealth Bank of Australia. The US, now seen as the world's swing producer, "holds the key" to how fast the oil market will rebalance itself, he adds. Brent futures have been around $55 since early December in hitting their highest levels in more than a year. (jenny.hsu@wsj.com)

(END) Dow Jones Newswires

January 18, 2017 00:11 ET (05:11 GMT)

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