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Global oil prices projected to be stable in 2018: OPEC

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Brent Crude Oil price at London's IСE Stock Exchange down by 1.27% to $63.88 per barrel.

However, the oil for delivery in March contracts held steady at Rs 597 per 10 kg in 50 lots.

Oil prices rose on Friday as Wall Street stocks bounced off session lows, but crude benchmarks were still poised for their first weekly fall in three weeks on fears US plans to impose tariffs on steel and aluminum could squeeze economic growth, and as USA crude inventories climbed. Friday's move came as stock indexes pared losses or turned higher. [FRX/] A strong dollar makes oil more expensive for buyers using other currencies.

Oil prices were marginally lower in Europe's morning trading session Friday, after three straight days of losses amid bearish cues from crude inventory data this week and lower equities following President Trump's announcement on planned U.S. steel and aluminum tariffs.

The Organization of the Petroleum Exporting Countries (OPEC) has forecast that the global oil prices will continue to remain stable in 2018. An early-week survey from commodity pricing group S&P Global Platts showed an expected gain of 2.1 million barrels of oil last week, while the American Petroleum Institute reported a gain of 933,000 barrels in USA crude oil inventories.

"Yesterday's report. has reawakened concerns that U.S. production levels will offset Opec production cuts", said McGillian. While Canadian production has continued to rise, reflecting past investments, pipeline capacity constraints have limited producers' options for moving their products to USA markets.

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OPEC officials are expected to meet US shale executives next week in Houston, at the annual CERAWeek conference, presented by IHS Markit.

Fears that rising USA output could dampen global efforts to rid the market of excess supplies have systematically limited oil prices' gains recently. "A transition of the deal is needed but not yet visible, with both an over-tightening and an orderly unwinding being potential scenarios", said Norbert Rucker, head of commodity research at Swiss bank Julius Baer.

This effort was undertaken to handle the oversupply of oil that has caused the global oil prices to plummet since 2014.

Producers are sticking to the cuts and an involuntary drop in Venezuelan output has further boosted compliance.

A Reuters survey on Wednesday found OPEC production fell in February to a 10-month low.

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