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Oil prices climb up ahead of OPEC cuts

Xinhua, December 28, 2016 Adjust font size:

Oil prices traded higher on Tuesday as the market anticipated that output cuts from oil producers will help ease the global supply glut.

The West Texas Intermediate for February Delivery increased 0.88 U.S. dollars to settle at 53.90 dollars a barrel on the New York Mercantile Exchange, while Brent crude for February delivery added 0.93 dollars to close at 56.09 dollars a barrel on the London ICE Futures Exchange. Endit