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Brent oil heads for record winning streak

Friday,   11-Jan-2019   04:55 PM (IST)

Oil rose for a 10th consecutive day in London, heading for its longest run of gains on record, while West Texas Intermediate oil was on track to chalk up its biggest weekly gain, 9.5%, in nearly two years as Saudi Arabia pledged that OPEC and its allies will keep the market in balance with promised production cuts.U.S. crude oil futures gained 46 cents, or 0.87%, to $53.05, while Brent oil traded up cents, or 0.0.63%, to $62.07.But prices are still about 30% lower than their highs in October even after a rebound since Christmas Eve thrust crude back into a bull market.Investors will also keep a close eye on U.S. oil output when Baker Hughes releases its weekly rig count data at 1:00 PM ET (17:00 GMT). The U.S. rig count, an early indicator of future output, fell by 8 to 885 last week.