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Oil dips after 3-year high; Opec, Russia cuts seen to support market

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Oil dips after 3-year high; Opec, Russia cuts seen to support market

Oil prices eased on Friday after hitting their highest levels since December 2014 the previous day. Despite the dip, analysts said market fundamentals going into 2018 were strong due to ongoing production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia that coincide with healthy demand growth. US West Texas Intermediate (WTI) crude futures were at $63.58 a barrel at 0112 GMT - 22 cents, or 0.3 per cent, below their last settlement. WTI the day before hit its strongest since late 2014 at $64.77 a barrel. Brent crude futures were at $69.18 a barrel, 8 cents, or 0.1 per cent, below their last close. Brent also marked a December-2014 high the previous day, at $70.05