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Oil prices climb amid prospects for output cuts
Last Updated: 2019-01-03 10:26 | Xinhua
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Oil prices rallied on Wednesday amid signs that major oil producers have been cutting back on output.

Observed crude exports from Saudi Arabia declined by about half a million barrels per day (bpd) from November to stand at 7.253 million bpd in December, according to tanker-tracking data compiled by Bloomberg.

January also marked the beginning of output cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

At a meeting in December, OPEC and some other major oil producers, including Russia, pledged to cut production by 1.2 million bpd, effective from January 2019.

The West Texas Intermediate for February delivery gained 1.13 U.S. dollar to settle at 46.54 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery increased 1.11 dollar to close at 54.91 dollars a barrel on the London ICE Futures Exchange.

Oil prices experienced a tumultuous 2018. For the year, U.S. crude lost almost 25 percent, while Brent was off by nearly 20 percent. Enditem

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