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Oil prices rise after Opec, allies agree to extend output cut until 2018

Gains are likely to be muted as inventories need to be cut further: Expert

Reuters  |  Tokyo 

Oil futures rose on Friday after OPEC and other major producers agreed to extend their production curbs in a widely expected move aimed at ending a persistent glut in global supplies. The Organisation of the Petroleum Exporting Countries (Opec) and non-Opec producers led by Russia on Thursday agreed to maintain the output cuts until the end of 2018, while also signalling a possible early exit from the deal if the market overheats. US crude futures were up 17 cents, or 0.3 per cent, at $57.57, as of 0635 GMT. Brent February crude futures rose 24 cents to $62.87. Analysts had ...

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First Published: Fri, December 01 2017. 14:57 IST