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Oil up nearly 3% as OPEC+ agrees to output cut

Oil prices rose about 3% at one point on Monday, as OPEC+ members agreed to a 100,000 barrels per day production cut to bolster prices.

Brent crude futures for November delivery rose $2.30 to $94.96 a barrel, a 2.48% gain. 

Prices rose nearly $4 earlier in the session, but were tamed by White House comments that US President Biden intends to take all necessary steps to strengthen energy supplies and lower prices.

US crude rose $2.26 to $88.83 per barrel, a 2.26% rise after a 0.3% gain in the previous session, in thin trading during the US Labor Day holiday.

The International Energy Agency last month raised its oil demand forecast for the year, partly because it expects gas-to-oil switching in some countries due to record natural gas and electricity prices.


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