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Oil Rises as Output Cuts Seen Curbing Glut, Dollar Rally Stalled

  • Dollar slips against euro after rising to highest since 2003
  • Goldman Sachs says supply to return to normal by midyear
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Oil Heads for a Weekly Loss on U.S. Dollar Strength

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Oil rose for the first time in three days after the dollar’s advance stalled and attention shifted back to projected production cuts.

Futures rose 2 percent in New York. Prices dropped the past two days as the dollar climbed against major peers after the Federal Reserve raised interest rates, which curbed the appeal of commodities to investors. Goldman Sachs Group Inc. increased its second-quarter oil price forecasts and predicted inventories would return to normal levels by the middle of 2017 as OPEC production cuts ripple through the market.