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Oil prices rise as OPEC+ agrees to large output cut

The West Texas Intermediate for November delivery increased 1.24 US dollars, or 1.4 per cent, to settle at 87.76 dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery added 1.57 dollars, or 1.7 per cent, to settle at 93.37 dollars a barrel on the London ICE Futures Exchange.

OPEC announces big cut in oil production

OPEC+ said on Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the Covid-19 pandemic, media reports said.