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Oil jumps 8% on prospects for big Opec output cut

Brent crude futures for delivery in January were up $3.83, or 8.3%, while US West Texas Intermediate crude futures were $3.63 higher at $48.86 a barrel

Reuters  |  London 

Oil prices jumped more than 8% on Wednesday to a five-week high as some of the world's largest oil producers gathered in Vienna to try to agree on a production cut that could be bigger than expected. Brent crude futures for delivery in January were up $3.83, or 8.3%, at $50.21 a barrel by 1236 GMT, recovering from a drop of nearly 4% on Tuesday and on course for their biggest one-day move in nine months. Brent crude for delivery in February was up $3.76 at $51.08 a barrel. US West Texas Intermediate (WTI) crude futures were $3.63 higher at $48.86 a barrel, a one-week ...

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First Published: Wed, November 30 2016. 18:11 IST
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