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. Last Updated: 07/27/2016

Oil Hits New High

LONDON -- Oil prices bolted to fresh highs above $21 a barrel Friday as OPEC's deep output cuts kindled fears of a winter supply crunch as stocks of spare oil shrink.

International benchmark Brent crude in London powered to a high of $21.11 Friday - its highest since October 1997 - before slipping to $21.03 by midday, a 13 cents rise over the day.

The gains will further buoy OPEC ahead of its Sept. 22 ministerial meeting. The group's success, with non-OPEC Mexico, in keeping up supply curbs agreed in March has hoisted prices from historic sub-$10 lows just six months ago.