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Energy Action:

Energy Action: Oil prices are at three months highs and the front end Nymex future managed to clear USD 48 per barrel, as investors continue to assess the impact of last week's OPEC agreement to freeze production levels later this year. Still, Iran's news agency IRNA reported that the country wants to raise exports to 2.35 million barrels per day in coming months, from currently 2.2 million. The November Nymex future is currently trading at USD 48.64 per barrel and regardless of whether or not OPEC output is actually reduced, the freeze agreement will likely be enough to put a floor under prices for the time being, though gains are expected to be limited to the $50/bbl area.


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