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7/1, 7:44 PM (Source: TeleTrader)
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Oil eases gains, markets await production cuts confirmation

Gains in oil prices retreated on Monday as investors waited for an official confirmation of reports that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers are planning to extend production cuts for nine months. However, OPEC+ failed to reach an agreement on a charter that would formalize the groups' cooperation, sources said.

After trading above $60 per barrel earlier in the session, West Texas Intermediate (WTI) for August delivery went for $58.66 per barrel, increasing 0.36% at 1:29 pm ET. September futures of international benchmark Brent were 0.09% higher and trading at $64.66 per barrel at 1:31 pm ET.

Breaking the News / VP