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    Oil prices soar on output-cut expectation
    2017-10-28 13:31:31
    NEW YORK, Oct. 27 (Xinhua) -- Oil prices climbed on Friday as top oil producers expressed support to extend a deal to cut output.
    Saudi Arabia and Russia both declared their support for extending a global deal to cut oil supplies for another nine months, an OPEC (Organization of the Petroleum Exporting Countries)'s official said on Friday, according to Reuters.
    OPEC and its non-OPEC partners have pledged to reduce production by around 1.8 million barrels per day until the end of March 2018 to ease a global supply glut. They are expected to discuss extending the deal at a meeting in Vienna on Nov. 30.
    The West Texas Intermediate for December Delivery added 1.26 dollar to settle at 53.90 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery gained 1.14 dollars to close at 60.44 dollars a barrel on the London ICE Futures Exchange.
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