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    Vikshita Vitthal Gujaran in News

    10-Oct-2022 05:32 AM


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    Oil takes a breather, eases off 5-week highs

    Representative Image Oil prices slipped on Monday, easing off five-week highs, as the market took profits following strong gains last week on expectations of tighter supplies following OPEC+ cuts and ahead of the European Union embargo on Russian oil.
    Brent crude futures fell 81 cents, or 0.8%, to $97.11 a barrel by 0131 GMT while West Texas Intermediate crude was at $91.88 a barrel, down 76 cents, or 0.8%.
    "The cut is clearly bullish," ING analysts said in a note.
    Analysts at banks and brokerages have raised their crude price forecasts and expect Brent to rise above $100 a barrel in the coming months.
    On Friday, Russian President Vladimir Putin signed a decree to create a new operator for the Exxon Mobil Corp-led Sakhalin-1 oil and gas project in Russia's Far East.

    Source - Money Control