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[size=37]High oil prices, with the possibility of production cuts to rein in the surplus[/size]
BAGHDAD - The Journal News
Oil prices rose about 1 percent on Monday, with producers in OPEC's move to cut production to rein in the surplus, which has kept prices low for more than two years.
The price of Brent futures contracts for crude oil to $ 47.35 a barrel, up 49 cents or 1.05 percent from its previous level.
In the United States the price of WTI to 0.98 percent, or 44 cents, at $ 46.14 a barrel.
And approaching OPEC to reach this month for the first agreement since 2008 to reduce oil production.
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