Oil price fell below US$50 per barrel in early trading on Thursday (Nov. 29) amid concerns about excess global supply, and after data showed that the U.S. crude inventories rose for the 10th straight week. Nevertheless, the price rebounded 2.1% to US$51.34 a barrel (West Texas Intermediate) after sources said Russia had accepted the need for cuts in production together with OPEC. Nymex’s crude oil rose 2.21% to US$51.40 a barrel.

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