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US oil prices rise to claw back some ground, but oversupply worries persist-

Oil prices fell to their lowest in more than a year on Thursday, a day after their biggest one-day rally in two years, pulled down by worries about the global economy and a supply glut.

US oil prices rose on Friday to claw back some of the ground they lost in the previous session, but growth in U.S. crude stockpiles and ongoing concerns about the global economy kept markets under pressure.

U.S. West Texas Intermediate (WTI) crude futures <CLc1>, were up $1.37, or 3.07 %, at $45.98 per barrel at 0042 GMT, having earlier rising as high as $46.05 per barrel. They ended Thursday down 3.48 percent, or $1.61, at $44.61 a barrel.

Brent crude <LCOc1> had yet to trade. It dropped 4.24 % or $2.31, the day before to settle at $52.16 per barrel.

Oil prices fell to their lowest in more than a year on Thursday, a day after their biggest one-day rally in two years, pulled down by worries about the global economy and a supply glut.

Earlier this month, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies including Russia, agreed to curb output by 1.2 million bpd starting in January in a bid to clear a supply overhang and prop up prices.

REGARDS
TECHNICAL DEPARTMENT
TRADEMAX INDIA

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