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7/1, 12:28 AM (Source: TeleTrader)
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Oil higher after Russia, Saudi agree on cuts

Crude oil prices traded in the green on Monday in the midst of an OPEC+ meeting in Vienna. Russian President Vladimir Putin announced at the G20 summit on Saturday that Russia and Saudi Arabia agreed on the need to extend oil production cuts for at least six more months and possibly into early 2020. Meanwhile, United Arab Emirates Energy Minister Suhail al-Mazroui expressed confidence that OPEC will reach a decision which will restore the oil market balance.

Brent futures for September deliveries increased by 1.72% at 6:26 pm ET to go for $65.57 per barrel, while West Texas Intermediate futures for the same month added 2.40% to $59.65 a barrel at 6:27 pm ET, after touching $60.21, the highest price since May 23.

Breaking the News / DJ