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**LIVE PRICE UPDATE OF MONDAY
FEBRUARY
26/2/2018 (11:12)AM
GOLD 30590
SILVER 38666
CRUDE 4135.00
NATURAL GAS 176.20
COPPER 460.50
LEAD 166.00
NICKEL 893.10
ZINC 230.25
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UPDATE 2-Oil hits nearly 3-wk high as Saudi Arabia to keep output well below cap

Feb 26 (Reuters) – Oil prices extended gains to hit their highest level in nearly three weeks on Monday, supported by comments from Saudi Arabia that it would continue to curb exports in line with the OPEC-led effort to cut global supplies.

U.S. West Texas Intermediate crude for April delivery CLc1 was up 20 cents, or 0.3 percent, at $63.75 a barrel by 0342 GMT after rising 3 percent last week.

London Brent crude LCOc1 gained 12 cents, or 0.2 percent, to $67.43, after climbing nearly 4 percent last week.

Both benchmarks earlier hit their highest since Feb. 7.

“The rise in equities made it easier to buy risk assets such as oil,” said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting in Tokyo.

“But amid worries over U.S. crude production at near record highs, oil is struggling to make a move.”

Prices were supported after Saudi Arabian oil minister Khalid al-Falih on Saturday said the country’s crude production in January-March would be well below output caps, with exports averaging below 7 million barrels per day (bpd). Arabia hopes OPEC and its allies will be able to relax production curbs next year and create a permanent framework to stabilise oil markets after the current supply cut deal ends this year, Falih added.
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