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Oil up more than 2 percent on Saudi and OPEC cuts

Reuters  |  LONDON 

By Noah BrowningLONDON (Reuters) - Oil prices gained more than 2 percent on Tuesday, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day (bpd), and by U.S. sanctions against Iran and Venezuela.Brent crude futures were up $1.40, or 2.28 percent, at $62.91 a barrel by 1325 GMT. U.S. West Texas Intermediate (WTI) crude oil futures rose $1.22, or 2.33 percent, to $53.63.Markets are tightening because of voluntary production cuts, effective since Jan. 1, led by the Organization of the Petroleum Exporting Countries and allies ...

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First Published: Tue, February 12 2019. 19:12 IST
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