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Oil Price Rises To $35

Brent crude’s international benchmark rose to $35.38 per barrel on Monday.

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The rise is its best since March as major oil producers cut their output level and countries eased lockdowns.

The Organisation of Petroleum Exporting Countries and its allies reached a deal in April to cut oil production by 9.7 million barrels per day in May and June in a bid to prop up the price of the commodity.

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OPEC said last Friday that the total effective global production adjustments could reach 20.1 million bpd, noting that some of its members, namely Kuwait, Saudi Arabia and the United Arab Emirates, had agreed on an additional 1.2 million bpd adjustment.

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