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Oil supply cuts extended

Oil supply cuts extended

As expected, the world’s largest oil states flew into Vienna this week, held a few meetings, and eventually extended an output cut agreement that has raised the price of Brent crude by 15 per cent so far in 2017. UK oil shares were largely indifferent to the widely-trailed development, though there were gains for several US energy stocks, whose free cash flows are more reliant on higher-cost shale production.

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