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12/4, 11:41 AM (Source: TeleTrader)
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Brent tops $62 per barrel ahead of OPEC meeting

Oil futures extended gains on Wednesday as Brent topped $62 per barrel on reports OPEC and other major producers could agree on deeper production cuts when they meet in Vienna later this week. Iraqi Oil Minister Thamer Ghadhban stated that key members of the cartel are in favor of larger output cuts and added that, even if such a deal is not reached, the current cuts of 1.2 million barrels per day are very likely to be extended by several months.

Investors also digested private data from the United States which showed a larger-than-expected decline in the country's crude inventories. The American Petroleum Institute (API) said US stockpiles fell by 3.7 million barrels last week, while the US Energy Information Administration (EIA) is scheduled to release official figures later in the day.

Brent for settlements in February jumped 2.03% to sell for $62.06 per barrel at 5:21 am ET, while West Texas Intermediate (WTI) for January delivery climbed 1.66% to go for $57.02 per barrel at 5:29 am ET.

Breaking the News / NP