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Push to cut supply ramps up oil prices for the fourth day

On Monday, oil prices increased for the fourth session in a row as reports of Saudi Arabia prospectively pushing Russia and fellow OPEC countries to cut supply by the end of the year.

By morning Greenwich Mean Time, Brent crude futures went up 24 cents to $67/barrel and US futures jumped 38 cents to $56.84.

Saudi Arabia is pushing The Organization of the Petroleum Exporting Countries to ramp down output by 1 million to 1.4 million bpd (barrels per day) in a bid to reduce unused fuel.

According to Russian Energy Minister Alexander Novak, non-OPEC member Russia looks to sign an agreement with the group, of which the details are expected after the Dec. 6 Vienna OPEC meet.

Brent had peaked in early October at $86.74, but the record output from the United States, Russia and Saudi Arabia has hit demand.

 

 

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