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Oil prices extend gains on output cut optimism

Xinhua, May 18, 2017 Adjust font size:

Oil prices settled higher Thursday amid growing hints that key oil producers will adhere to production cut deal at next week's meeting of the Organization of the Petroleum Exporting Countries (OPEC).

The West Texas Intermediate for June delivery rose 0.28 U.S. dollars to settle at 49.35 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery added 0.30 dollar to close at 52.51 dollars a barrel on the London ICE Futures Exchange. Enditem