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Oil prices increase amid market optimism over output reduction

Xinhua, December 9, 2016 Adjust font size:

Oil prices increased on Thursday as market becomes optimistic that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers can keep their output cut promises.

The West Texas Intermediate for January Delivery increased 1.07 dollars to settle at 50.84 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 0.89 dollars to close at 53.89 dollars a barrel on the London ICE Futures Exchange. Endit