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Oil up 1 percent on expectations of OPEC-led output cuts

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices rose more than 1 percent on Tuesday, extending gains ahead of expected output cuts by producer cartel OPEC and a mandated reduction in Canadian supply.North Sea Brent crude oil was up 75 cents, or 1.2 percent, at $62.44 per barrel by 0845 GMT. U.S. light crude was 65 cents higher at $53.60.Both benchmarks climbed around 4 percent on Monday after U.S. President Donald Trump and Chinese President Xi Jinping agreed at a meeting of the Group of 20 industrialised nations (G20) to pause an escalating trade dispute."The market seems positively ...

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First Published: Tue, December 04 2018. 14:30 IST
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