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OilPhoto: AP
Saudi Arabia has announced it will cut production of crude oil by half a million barrels a day from next month.
This is seen as a sign that OPEK could announce a coordinated cut in production at the next meeting in December, in an attempt to maintain prices.
Brent crude has been up nearly two percent since this morning, $ 71.55 a barrel, while US light crude oil in New York is up 1.3 percent, slightly more than $ 61.
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