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Oil prices increase as Saudi Arabia cuts output

Xinhua, January 6, 2017 Adjust font size:

Oil prices rose on Thursday following the news that Saudi Arabia is cutting production to implement an agreement to ease global crude supply glut.

The West Texas Intermediate for February Delivery added 0.5 U.S. dollars to settle at 53.76 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 0.43 dollars to close at 56.89 dollars a barrel on the London ICE Futures Exchange. Enditem