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09-Jan2019

Crude oil futures end higher for seventh session in a row

Magnifying their gains for seventh straight session, Crude oil futures ended higher on Tuesday, the longest run of gains in roughly 18 months, with prices lifted by global efforts to curb crude output, as well as measured optimism around US-China trade talks. The crude oil rally has been fueled by the Organization of the Petroleum Exporting Countries (OPEC) supply cuts that were planned to take 1.2 million barrels per day off the global market. Oil production from OPEC fell by 630,000 barrels a day to a six-month low of 32.43 million barrels in December from a month earlier.

Benchmark crude oil futures for February surged $1.26 or 2.6 percent to settle $49.78 a barrel on the New York Mercantile Exchange. March Brent crude rose $1.39 or 2.4 percent to settle at $58.72 a barrel on London's Intercontinental Exchange.


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