Oil prices rise as crude output cut extended

Oil prices rebounded as the OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC oil producers agreed to extend the production cut till the end of 2018.

The West Texas Intermediate for January delivery on Thursday increased $0.10 to settle at $57.40 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery added $0.46 to close at $63.57 a barrel on the London ICE Futures Exchange, Xinhua reported.

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