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Crude oil up as OPEC plans to cut output
03 Oct 2016
Crude oil futures closed higher in the international market on Friday as sentiment remained supported after OPEC members agreed on output cuts for the first time in eight years, despite some skepticism among analysts over the implementation of such an agreement.

The oil cartel reached an agreement to limit production to a range of 32.5 million to 33.0 million barrels per day, a reduction of 0.7 per cent-to-2.2 per cent from its current output of 33.2 million barrels.

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