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Oil edges off three-month low but glut worries persist

http://www.reuters.com/article/us-global-oil-idUSKBN16H02O

Senior Saudi officials told U.S. oil firms in a closed-door meeting that they should not assume OPEC would extend output curbs to offset rising production from U.S. shale fields, industry sources told Reuters on Thursday.

Analysts said they expected a period of market consolidation after the heavy falls this week, with prices rising before another possible sell-off if investors were forced to shed loss-making futures contracts.

"The market remains overwhelmingly long and any further weakness will force additional reductions," Saxo Bank's head of commodity strategy, Ole Hansen, told Reuters Global Oil Forum.