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Expectations to extend production cuts raise oil prices
(MENAFN) On Tuesday, oil prices increased, supported by the rise in financial markets and expectations that OPEC and its allies will remain on the supply cuts.
Brent crude for July increased 42 cents, or 0.7 percent, to close at USD62.71 a barrel.
U.S. WTI crude futures were USD53.85 a barrel, up 59 cents, or 1.1 percent, from the previous settlement price.
Prices fell about 1percent in the previous session and crude futures fell about 20 percent from their 2019 peaks in late April, down by a broad economic downturn that began to affect oil consumption.
Brent crude for July increased 42 cents, or 0.7 percent, to close at USD62.71 a barrel.
U.S. WTI crude futures were USD53.85 a barrel, up 59 cents, or 1.1 percent, from the previous settlement price.
Prices fell about 1percent in the previous session and crude futures fell about 20 percent from their 2019 peaks in late April, down by a broad economic downturn that began to affect oil consumption.
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