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Oil prices increase as producers show signs of output cut

Xinhua, January 7, 2017 Adjust font size:

Oil prices rose on Friday after some oil producers from the Organization of the Petroleum Exporting Countries showed signs of crude output cut, which was stipulated in an agreement to ease global supply glut.

The West Texas Intermediate for February Delivery added 0.23 U.S. dollars to settle at 53.99 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 0.21 dollars to close at 57.10 dollars a barrel on the London ICE Futures Exchange. Enditem