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Oil prices rise by more than 3% and signs of extension of production cuts in OPEC meeting
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Oil prices rose nearly 3% on Monday (July 1st) after Saudi Arabia, Russia and Iraq backed an extension of supply cuts for another 6 to 9 months ahead of OPEC's meeting this week.
The price of Brent crude futures for September for the highest level during the day at $ 66.44 a barrel, or nearly 3% before falling to 66.31, up $ 1.57, or 2.4%.
US crude futures for August rose $ 1.24, or 2.4%, to $ 59.89 a barrel after hitting a peak of $ 60.10, the highest in more than five weeks.
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