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Oil jumps 2% on expectations of production cuts

Tuesday, December 4, 2018, 8:04 PM

Oil prices rose more than 2 percent on Tuesday, extending gains ahead of expected output cuts by producer cartel OPEC and a mandated reduction in Canadian supply. International Brent crude oil futures rose 58 cents, or nearly 1 percent to a high of $62.27 by 9:26 a.m. ET (1426 GMT). The contract earlier rose as high as $63.58.