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Oil price shoots up,now $55 per barell

Crude rose above 55 dollars a barrel as rising prospects of a tightening market after last week’s OPEClandmark deal to cut production has given speculators impetus to increase bets on higher prices…

Monday’s gains take the rally since the Organization of the Petroleum Exporting Countries’ agreement was struck on Wednesday to 19% forBrent and 16% for U.S.crude…

Last week’s 12.2% increase was the largest one-week rise since February 2011. Brent crude rose to hit55.33 dollars , its highest since July 2015. U.S. crude West Texas Intermediate (WTI) traded at a peak point for the day of 52.42 dollars , also thehighest since July 2015…

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About 380,483 lots of the front-month contract were traded some 57% of the previous session’s volume. Weekly data from the InterContinental Exchange on Monday showed investors had raised net long positions on Brent to the highest level in four weeks…

After OPEC agreed to curb production by 1.2million barrels per day (bpd) from January, eyes have now turned to a meeting this weekend between OPEC and non-OPEC producers to expand the deal. Non-OPEC producers are expected to agree to add an output cut of 600,000 bpd in Viennaon Dec. 10.

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