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Oil price balancing at highest level in a year

The oil price is balancing at its highest level in 12 months. Russian president Vladimir Putin has laid a solid market foundation, but Goldman Sachs questions the likelihood of balance being restored to the market.

Photo: Royal Dutch Shell PR

A barrel of European reference oil Brent cost USD 53.05 on Tuesday morning against USD 53.25 on Monday afternoon. According to Bloomberg news, this is the highest level in 12 months.

WTI oil is meanwhile being traded at USD 51.30 against USD 51.25 Monday afternoon.

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