Oil edges up on record Indian imports, hopes of producer cut

Crude Oil
Oil prices edged up on Wednesday, supported by record Indian crude imports and upcoming talks between OPEC producers and other oil exporters on curbing output to end a glut in the global market.

Brent crude futures were up 21 cents, or 0.4 per cent, at $52.62 a barrel at 0639 GMT.

US West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.3 per cent, from their last settlement at $50.94 per barrel.

Oil has rallied more than 13 per cent in less than two weeks since the Organization of the Petroleum Exporting Countries propsoed its first production curbs in eight years. But prices remain at about half of mid-2014 highs above $100 a barrel as questions remain over when the market will return to balance.

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