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Oil hits highest since mid-2015 on non-OPEC cut agreement

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On Monday oil prices rose to an 18month high after a new deal was reached between OPEC and some of its rivals. The new deal is the first since 2001 that would jointly reduce output aimed at addressing global oversupply. Despite the spike prices did slip late in the day. The deal was created parties outside of the the Organization of the Petroleum Exporting Countries, headed by Russia. The agreement includes reducing output by 558,000 barrels per day, according to Reuters "short of the target of 600,000 bpd but still the largest non-OPEC contribution ever".

Added on the 12/12/2016 19:00:23 - Copyright : Wochit

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