Brent crude oil futures rose on Monday after producer club OPEC and some non-affiliated suppliers last Friday agreed to a supply cut from January. Despite this, the price outlook for next year remains muted on the back of an economic slowdown.
International Brent crude oil futures were at $62.03 per barrel at 0748 GMT, up 36 cents, or 0.6 percent, from their last close.
Prices surged after the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including heavyweight Russia on Friday said they would cut oil supply by 1.2 million barrels per day (bpd), with an 800,000-bpd reduction planned by OPEC members and 400,000 bpd by countries not affiliated with the group. Read More
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