UPSTREAMONLLINE.COM
Oil prices rose to their highest level since October on Tuesday as the market priced in a potential output cut led by producer cartel Opec, although analysts warned that a failure to agree a cut could lead to a ballooning supply overhang by early 2017. International Brent crude futures rose as high as $49.43 per barrel early on Tuesday, their highest since 31 October, and they were trading at $49.33 per barrel at 1:10am GMT, up 43 cents, or 0.9%, from their last settlement. US West Texas Intermediate crude futures were up 44 cents, or 0.9%, at $48.68 a barrel.
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Oil prices rose to their highest level since October on Tuesday as the market priced in a potential output cut led by producer cartel Opec, although analysts warned that a failure to agree a cut could lead to a ballooning supply overhang by early 2017. International Brent crude futures rose as high as $49.43 per barrel early on Tuesday, their highest since 31 October, and they were trading at $49.33 per barrel at 1:10am GMT, up 43 cents, or 0.9%, from their last settlement. US West Texas Intermediate crude futures were up 44 cents, or 0.9%, at $48.68 a barrel.
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