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10/10, 3:33 PM (Source: TeleTrader)
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Oil jumps 1% after OPEC report, Barkindo remarks

Crude prices traded over 1% higher after the Organization of Petroleum Exporting Countries (OPEC) said in its monthly report that the cartel's production dropped in September as a result of attacks on Saudi facilities and noted its oil demand for 2019 was revised slightly upwards to 30.7 million barrels per day. Furthermore, OPEC Secretary-General Mohammad Barkindo hinted the organization could agree on further output cuts in December and urged the United States to join the OPEC+ deal.

International benchmark Brent for settlements in December jumped 1.03% to sell for $58.95 per barrel at 9:18 am ET and West Texas Intermediate (WTI) for November delivery rallied 1.14% to go for $53.22 per barrel at the same time.

Breaking the News / NP