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Oil prices keep rising on production cut optimism

Xinhua, May 15, 2017 Adjust font size:

Oil prices settled higher for a fourth straight session Monday as Saudi Arabia and Russia said crude supply cut deal needed to be extended into 2018.

The West Texas Intermediate for June delivery jumped 1.01 U.S. dollars to settle at 48.85 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.98 dollar to close at 51.82 dollars a barrel on the London ICE Futures Exchange. Endit