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Oil Rises to Three-Week High as OPEC Members Back Cuts Extension

  • Most participants favor 9-month extension: Algeria’s Boutarfa
  • U.S. crude output fell first time in 13 weeks, supply drops
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Crude rose to a three-week high after Algeria said an extension to OPEC’s production curbs would be backed by most participating countries.

Futures climbed 0.6 percent in New York. Algerian Energy Minister Noureddine Boutarfa said Thursday that most OPEC members support Saudi Arabia and Russia’s proposal to prolong the curbs to March next year, and that the rate of compliance should increase. Prices had fallen earlier as the market got caught up in the turmoil surrounding Donald Trump.