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1st LD Writethru: Oil prices rebound on OPEC's call for production cut

Xinhua, January 27, 2016 Adjust font size:

Oil prices bounced up Tuesday after OPEC's secretary-general called for production cut.

Abdalla El-Badri, the head of the Organization of Petroleum Exporting Countries (OPEC), called on oil producers outside the group to help in reducing the global oversupply.

"It is crucial that all major producers sit down to come up with a solution to this," El-Badri said Monday at a conference in London.

News reported that head of Russian oil company Lukoil said that Russia should jointly work with OPEC to cut supply.

Persistent oversupply, bloated inventories and a slew of negative economic news dragged crude prices to 12-year low last week.

The West Texas Intermediate for March delivery moved up 1.11 U.S. dollars to settle at 31.45 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 1.3 dollars to close at 31.8 dollars a barrel on the London ICE Futures Exchange. Endit