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Crude Extends Gains on Report of Prelim Agreement for More than 1mbpd Cuts

OIL

Crude extends earlier gains on Reuters headlines that OPEC+ has a preliminary agreement for additional oil output cuts of more than 1mbpd according to a delegate.

  • Delegates suggest there are talks of a deeper cut and will depend on how much could be contributed by member states according to Amena Bakr on X.
    • Brent FEB 24 up 1.8% at 84.35$/bbl
    • WTI JAN 24 up 1.9% at 79.31$/bbl
    • Brent FEB 24-MAR 24 up 0.09$/bbl at 0.39$/bbl
    • Brent JUN 24-DEC 24 up 0.21$/bbl at 2.27$/bbl

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