London — Oil prices rose to a two-week high on Thursday, extending a rally into a sixth straight session, after a decline in weekly US production eased concerns about increasing oversupply. Crude prices slipped to the lowest in 10 months last week but have since rebounded more than 7%, stretching their bull-run to the longest since April. Global benchmark Brent crude futures were up 33c at $47.64 a barrel at 8.32am GMT, having touched a two-week high of $47.83 earlier in the session. US West Texas Intermediate (WTI) crude was up 32c at $45.06 a barrel. It registered an intra-day high of $45.24, also the loftiest in two weeks. "After the steep drop in oil prices of recent weeks, I believe that, especially hedge funds, saw a nice buying momentum and lower US crude production was the trigger to act," said Hans van Cleef, senior energy economist at ABN Amro. US government data showed on Wednesday that domestic crude production dropped by 100,000 barrels per day (bpd) to 9.3-million bpd ...
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