Brent crude oil increases to $54.55 a barrel as market awaits extended output cut

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Brent crude oil increases to $54.55 a barrel as market awaits extended output cut

Brent crude oil witnessed an increase , on Wednesday, to $54.55 a barrel, supported by growing confidence that OPEC and other big producers would agree to extend the output curbs by nine months, Reuters reported.

Benchmark Brent crude oil LCOc1 was up 40 cents a barrel at $54.55 by 0810 GMT. U.S. light crude oil CLc1 was 35 cents higher at $51.82.

Both crude benchmarks have gained more than 10 percent from their May lows below $50 a barrel.

The Organization of the Petroleum Exporting Countries meets formally in Vienna on Thursday to decide on whether to prolong the deal reached in December or not.

 

 

 

 

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