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Oil Rises as OPEC Extends Supply Cuts, Overcoming Demand Jitters

  • OPEC ministers recommend supply-curb extension of 9 months
  • WTI summits $60-a-barrel mark, retreats, closes higher 1.1%
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Daniel Hynes, senior commodity strategist at ANZ, talks about oil supply, demand and prices.(Source: Bloomberg)
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Oil closed higher to finish a roller-coaster trading session, as an OPEC agreement to extend output curbs outweighed troubling economic data.

After surging at the start on Monday, oil prices spent much of the day drifting lower, even after OPEC members quickly decided to prolong production cuts by nine months. The coalition then spent hours arguing over a proposal to formalize cooperation with Russia and other allies. Futures closed up 1.1% in New York, after surrendering a gain of more than 3% earlier in the day.