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OPEC May Slash Output by 4% - Crude Oil Jumps

Oct, 27th 17:04
brent

Crude oil prices bound back on Thursday after a three-day losing streak after news that dispelled partly investor concerns about OPEC’s plan to cut output.

West Texas Intermediate for December delivery advanced to $50.04 a barrel on the New York Mercantile Exchange. Meanwhile on the London-based ICE Futures Europe exchange, Brent for December settlement rallied to $50.88 a barrel.

Citing sources familiar with the matter, Reuters reported that Saudi Arabia and its Gulf OPEC allies told Russia that they are willing to snap production by 4% from their peak oil output.

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