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. Last Updated: 07/27/2016

Oil Prices Back Up

LONDON -- Oil prices hit new seven-week highs Tuesday amid a combination of bullish fundamentals and speculative buying.

North Sea benchmark Brent Blend crude futures for June delivery finished 70 cents stronger at $26.78 per barrel after touching $26.95 per barrel, the highest level since March 16.

Prices shrugged off an early dip as Norwegian workers halted a six-day strike that had curtailed 1 million barrels per day of crude exports.

Comments from influential members of the Organization of Petroleum Exporting Countries that the cartel may keep current production quotas unchanged at its next meeting in June also added support to the rampant market.