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Oil climbs 1 percent on prospect of OPEC, Russia supply cut


Added 11-19-18 03:03:02am EST - “Oil prices rose by around 1 percent on Monday amid expectations that top exporte...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Oil climbs 1 percent on prospect of OPEC, Russia supply cut”. Below is an excerpt from the article.

SINGAPORE (Reuters) - Oil prices rose by around 1 percent on Monday amid expectations that top exporter Saudi Arabia will push producer club OPEC as well as perhaps Russia to cut supply toward year-end.

Front-month Brent crude oil futures were at $67.41 per barrel at 0746 GMT, up 65 cents, or 1 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures, were up 76 cents, or 1.4 percent, at $57.22 per barrel.

“Oil prices continued to recover...(as) the market will be watching closely for the possible impact of a (supply) cut.” said Sukrit Vijayakar, director of Indian energy consultancy Trifecta.

The Organization of the Petroleum Exporting Countries (OPEC), de facto led by Saudi Arabia, is pushing for the producer group and allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply.

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