Oil prices closed Thursday at their highest level in two months, according to Dow Jones, on the back of a report that OPEC and its allies could extend production cuts and renewed optimism about the current trade situation.
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OPEC and its allies, including Russia, may agree to extend the crude oil cut agreement to mid-2020 when they meet next month, Reuters reported Thursday, citing OPEC sources. The existing production limit agreement will expire at the end of March 2020. OPEC and its allies will meet in Vienna on December 5 and 6.
WTI futures for January delivery on the New York Mercantile Exchange rose $1.57, or 2.8%, to $58.58 per barrel, while Brent crude, the global benchmark for January delivery on the European Intercontinental Exchange, rose $1.57, or 2.5%, to $63.97 per barrel.
According to Dow Jones market data, the benchmark crude oil contracts in both recent months rose for two consecutive trading days and reached the highest settlement price since September 23.
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