Crude oil prices climb further in Asia trade

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Oil prices were continuing their climb in Monday morning Asia trade after staging a rally on Friday.

Brent crude, the international benchmark, was up 0.8 per cent at $49.49 a barrel. That was after closing up 1.5 per cent on Friday, which still left the marker down 5.1 per cent over the course of last week.

Brent sank below $50 a barrel last week amid growing concerns about rising US output and increasing scepticism over Opec’s ability to keep a lid on global production.

West Texas Intermediate, the US marker, was also up 0.8 per cent in Asia on Monday at $46.57 a barrel. It had closed 1.5 per cent higher on Friday but closed the week 6.3 per cent lower.

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