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Business

REUTERS
December 6, 2017

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Oil climbs

Oil climbs

Tokyo: Oil markets rose in early Asian trade on Tuesday, buoyed by expectations of a drop in U.S. crude stockpiles and after last week´s deal between OPEC and other crude producers to extend output curbs.
International benchmark Brent crude futures were up 11 cents from their last close, or 0.18 percent, at $62.56 per barrel by 0129 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.26 percent, at $57.62 per barrel.
The Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers last week rolled over their agreement to cut output by 1.8 million barrels per day (bpd) until the end of 2018, looking to erode a global glut and drive up prices.
Goldman Sachs said Saudi Arabia and Russia showed a stronger commitment to extending cuts and raised its Brent and WTI spot forecasts for 2018 to $62 and $57.5 per barrel respectively.

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