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Tajuk : Oil rises on expectation of extended, possibly deepened output cut
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Oil rises on expectation of extended, possibly deepened output cut
SINGAPORE (May 22): Oil prices rose on Monday, supported by reports that an OPEC-led supply cut would not only be extended into next year but might also be deepened in order to tightening the market and prop up prices.
Brent crude futures were up 25 cents, or 0.5 percent, from their last close at $53.86 per barrel at 0035 GMT.
U.S. West Texas Intermediate (WTI) crude futures were back above $50 per barrel, trading at $50.62, up 29 cents or 0.6 percent.
Both benchmarks have risen more than 10 percent from their May lows early in the month.
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