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Oil prices extend rally amid market optimism

Xinhua, November 22, 2016 Adjust font size:

Oil prices extended rally on Monday as oil producers continue their diplomatic effort in finalizing an output freeze deal.

The market was most encouraged on Monday by comments from Russian President Vladimir Putin. He said Russia was ready to freeze oil output at current level and added that the outlooks for the Organization of Petroleum Exporting Countries (OPEC) to finalize an output cut deal were positive.

OPEC reached a preliminary agreement to curb oil production in September and will meet on Nov. 30 to formalize the deal. However, disagreement persists among producers on details of the plan.

Analysts warned a volatile market as the scheduled OPEC meeting approaches.

The West Texas Intermediate for December Delivery added 1.80 U.S. dollars to settle at 47.49 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 2.04 U.S. dollars to close at 48.90 U.S. dollars a barrel on the London ICE Futures Exchange. Enditem