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Huge rise for oil prices
This morning the New York futures for Brent rose 5.1% to $ 57.10 and WTI rose 5.18% to $ 54.17 per barrel. Thus, the black gold is trading with a significant increase after OPEC and other oil producers were able to sign the first agreement from 2001 to jointly cut production. This was done in order to reduce excess supply and the stabilisation of the black gold market. OPEC plans to cut production by 1.2 million barrels per day from 1 January.
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