Oil markets remain cautious on record supplies

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Oil opened the last day of a choppy trading week on a cautious note over doubts that an OPEC-led production cut was having the desired effect of restoring balance to a market that has been dogged by oversupply for more than two years.

Brent crude futures were at $53.07 per barrel at 0113 GMT, up 8 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures had risen 8 cents to $50.79 a barrel…

 

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