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Oil prices rise more than 1% on trade talks, supply cuts

Updated : January 07, 2019 08:16 AM IST

International Brent crude futures were at $57.75 per barrel at 0040 GMT, up 69 cents, or 1.2 percent, from their last close. US West Texas Intermediate (WTI) crude oil futures were at $48.60 per barrel, up 64 cents, or 1.3 percent.
More fundamentally for oil markets, traders said crude future prices were being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organisation of the Petroleum Exporting Countries (OPEC) as well as non-OPEC Russia.
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