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Crude oil up as OPEC plans to cut output
30 Sep 2016
Crude oil futures closed higher in the international market on Thursday as the OPEC plan to scale back production lifted prices for West Texas Intermediate crude to their highest level in more than a month.

The Organization of the Petroleum Exporting Countries reached an understanding at a meeting Wednesday in Algeria that there was a need to scale back production. OPEC members agreed on a preliminary outline to cut its collective output to between 32.5 million barrels a day and 33 million barrels a day, down from the levels of 33.2 million barrels a day in August.

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