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Oil prices jump on output cut expectations

By Jeff Davies

Crude prices jumped 1% on Monday on expectations the Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers will lower their production in an effort to stabilize the market.

Last week, reports emerged that Saudi Arabia is considering an output cut of 1.4 million barrels per day despite calls from United States President Donald Trump not to reduce production. Meanwhile, Russia’s Energy Minister Alexander Novak hinted Moscow may join OPEC’s potential output cuts but stressed the final agreement on oil output levels will be reached at the cartel’s December meeting.

International benchmark Brent for January delivery climbed 1.05% to sell for $67.48 per barrel at 7:50 am GMT and West Texas Intermediate (WTI) futures for deliveries in January surged 1.38% to $57.46 per barrel at the same time.

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