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Oil rises near 2-month high as OPEC stops short of pledging more

The oil prices increases to almost a two-month high as OPEC and its allies hinted at less urgency to scale up output, stopping short of promising higher volumes of crude oil.

Photo: Bloomberg

Oil climbed near the highest level since July after OPEC and its allies signaled less urgency to boost output and stopped short of promising extra volumes of crude despite US pressure to temper prices.

Futures in New York rose as much as 1.2 percent. The Organization of Petroleum Exporting Countries and its allied producers gave a tepid response to President Donald Trump's demand that it take rapid action to reduce prices, saying it would boost output only if customers requested it. Signs of slowing growth in US crude production also supported prices.

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