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Oil prices retreat from 2-year high

London, Jan. 6 (Reuters): World oil prices pulled back from two-year highs on Monday after the Opec cartel said it would make a hefty output hike to cover lost supplies from Venezuela.

Opec president Abdullah al-Attiyah said Opec would lift quotas by up to a million barrels-per-day to cool a rally that has lifted prices by a quarter in two months.

International benchmark Brent crude oil fell 82 cents to $ 29.95 a barrel, while US crude futures eased 36 cents to $ 32.72. Both markers are within a dollar of two-year highs.

“Prices are off a little after a big rise during Christmas and New Year,” said Richard Savage of Bank of America.

“With uncertainty over the Venezuelan strike and Opec’s response, I would expect volatile trade over the next few days,” he added.

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