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Oil prices rise on OPEC deal optimism

Xinhua, October 19, 2016 Adjust font size:

Oil prices ended higher Tuesday as the Organization of Petroleum Exporting Countries (OPEC) promised to curb output when it meets in November.

The Organization of the Petroleum Exporting Countries is set to discuss details surrounding the group's proposal to cut production with non-OPEC member Russia in November.

Mohammad Barkindo, OPEC's secretary-general, on Tuesday dismissed fears Russia will derail the cartel's plan to limit oil production, saying the country has been very active in trying to stabilize the struggling oil market, according to media reports.

Oil prices have risen about 13 percent from three weeks ago after the Organization of the Petroleum Exporting Countries proposed its first output cut or freeze in eight years last month.

The West Texas Intermediate for November delivery added 0.35 U.S. dollar to settle at 50.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 0.16 dollar to close at 51.68 dollars a barrel on the London ICE Futures Exchange. Enditem