Oil prices rise as Opec and Russia cut production to counter US Shale

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Oil prices were heading on Friday towards another week of gains amid growing expectations that big crude exporters will extend output cuts to curb a persistent glut in inventories.

Brent crude was up 63 cents at $53.14 at 0813 GMT, after climbing to $53.20, its highest since April 21. US benchmark crude oil was up 61 cents at $49.96 a barrel.document.write(""); googletag.cmd.push(function() { googletag.defineOutOfPageSlot('/6516239/outofpage_1x1_desktop', 'div-gpt-ad-1490771277198-0').addService(googletag.pubads()); googletag.pubads().enableSingleRequest(); googletag.pubads().enableSyncRendering(); googletag.enableServices(); });

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