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Oil rebounds in Asia after steep falls

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Singapore - Oil prices edged up on Friday on bargain-buying and a weaker dollar after another slump fuelled by a surge in US stockpiles and worries about an upcoming meeting to tackle a global supply glut.

Both main contracts slumped more than three percent Thursday after Russia suggested it may not be necessary to limit production, denting hopes for its gathering with OPEC in Algeria this month.

The losses meant crude had lost a tenth of its value from its August highs, making it ripe for traders looking for bargains.

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ZAR/USD
17.38
(-0.05)
ZAR/GBP
22.72
(-0.10)
ZAR/EUR
20.56
(-0.12)
ZAR/AUD
12.45
(-0.12)
ZAR/JPY
0.16
(-0.19)
Gold
1942.90
(+0.07)
Silver
26.42
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57077.48
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52737.48
(-0.65)
Financial 15
10156.41
(-0.69)
Industrial 25
75107.47
(-0.84)
Resource 10
58926.78
(-0.40)
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