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. Last Updated: 07/27/2016

Oil Prices Breach Limit

SINGAPORE -- Crude oil prices softened in Asia on Thursday with the market watching the Organization Of Petroleum Exporting Countries closely for a supply hike as prices breached the cartel's target band.

By mid-afternoon, the benchmark July light crude futures on the New York Mercantile Exchange was trading at $29.85 a barrel, 10 cents lower than its Wednesday close in New York.

OPEC had an informal agreement in March under which it would automatically hike output by 500,000 barrels per day if prices for its basket of crudes exceed its target band of $22-$28 a barrel on a 20-day average.

This 20-day average has been breached for the first time since March.