Oil jumps 3% supported by falling US inventories and expectations of further OPEC cuts

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https://arabic.sputniknews.com/business/201912041043613614-%D8%A7%D9%84%D9%86%D9%81%D8%B7-%D9%8A%D9%82%D9%81%D8% B2-3-% D8% A8% D8% AF% D8% B9% D9% 85-% D9% 85% D9% 86-% D9% 87% D8% A8% D9% 88% D8% B7-% D8% A7% D9% 84% D9% 85% D8% AE% D8% B2% D9% 88% D9% 86% D8% A7% D8% AA-% D8% A7% D9% 84% D8% A3% D9% 85 % D8% B1% D9% 8A% D9% 83% D9% 8A% D8% A9-% D9% 88% D8% AA% D9% 88% D9% 82% D8% B9% D8% A7% D8% AA- % D8% A8% D9% 85% D8% B2% D9% 8A% D8% AF-% D9% 85% D9% 86-% D8% AA% D8% AE% D9% 81% D9% 8A% D8% B6 % D8% A7% D8% AA-% D8% A3% D9% 88% D8% A8% D9% 83 /

LONDON (Reuters) – Oil prices jumped more than 3 percent on Wednesday on expectations that OPEC and allied producers would extend a production cut deal, while US government data showed a sharp drop in domestic crude inventories.

Brent crude futures rose $ 2.18, or 3.6 percent, to settle at $ 63.00 a barrel after jumping to $ 63.51 during the session.

US West Texas Intermediate (WTI) crude futures rose $ 2.33, or 4.2 percent, to close at $ 58.43 after hitting a session high of $ 58.66.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, the so-called OPEC + group, are expected to agree on deeper cuts in crude production when they meet in Vienna this week.

The US Energy Information Administration said today that commercial crude inventories in the United States fell 4.9 million barrels in the week ending November 29 as refineries increased production, a larger-than-expected decline. Analysts had expected a drop of 1.7 million barrels.



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