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Oil prices rose about 1% on Monday as producer cartel Opec moved closer to an output cut to rein oversupply that has kept prices low for over two years.
Oil prices rose about 1% on Monday as producer cartel Opec moved closer to an output cut to rein oversupply that has kept prices low for over two years.
International Brent crude oil futures were trading at $47.35 per barrel early on Monday, up 49 cents, or 1.05%, from their last settlement.
US West Texas Intermediate crude was up 0.98%, or 44 cents, at $46.14 a barrel.
Traders said that markets were being supported by advancing plans by Opec to cut production in a bid to prop up the market following over two years of low prices as a result of output exceeding demand.
Such a deal has proved tricky to agree as some producers, most notably Iran, have been reluctant to cut output.
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