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Oil prices gain over 1% after Saudi Arabia talks of cut in output

Brent crude futures rose 80 cents on the day to $70.98 a barrel by 5.35 pm , while US crude futures rose 36 cents to $60.69 a barrel.

Reuters  |  London 

Oil rose by more than 1 per cent on Monday, set for its largest one-day increase in a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day. Saudi Arabia, the world's largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day in December due to seasonal lower demand. Brent crude futures rose 80 cents on the day to $70.98 a barrel by 5.35 pm , while US crude futures rose 36 cents to $60.69 a barrel. Saudi Energy Minister Khalid al-Falih said on Monday OPEC and ...

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First Published: Mon, November 12 2018. 21:35 IST
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