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Oil futures climb on prospect of OPEC curbs in 2019

The oil prices went up after a long run of losses as Saudi Arabia announced it will reduce crude sales next month, and speculation increased that OPEC members and their allies could curb output in 2019.

Photo: Bloomberg

Oil climbed after a record run of losses as Saudi Arabia said it will reduce crude sales in December and speculation rose that OPEC and its allies will cut output next year.

Futures in New York climbed as much as 1.6 percent on Monday, paring losses after slumping into a bear market last week. Top OPEC member Saudi Arabia said it will curb exports by 500,000 barrels a day next month, reasserting its role as a swing producer. A committee of the Organization of Petroleum Exporting Countries and its partners warned over the weekend that it might need "new strategies," raising the prospect of a wider cut in 2019.

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