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03-Jan2019

Crude oil futures end higher on Wednesday

Crude oil futures ended higher on Wednesday, buoyed by a reported drop in December crude exports from Saudi Arabia, as the New Year marked the start of output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies. Observed crude exports from Saudi Arabia declined to 7.253 million barrels a day in December, from 7.717 million in November. Meanwhile, at a meeting in December, OPEC and some non-member producers, including Russia, agreed to cut production by 1.2 million barrels from October 2018 levels, effective as of January 2019, for an initial period of six months. They plan to review output levels in April.

Benchmark crude oil futures for February surged $1.13 or 2.5 percent to settle $46.54 a barrel on the New York Mercantile Exchange. March Brent crude rose $1.11 or 2.1 percent to settle at $54.91 a barrel on London's Intercontinental Exchange.


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