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2016.09.2900:39:00UTC+00Oil Prices Jump on OPEC Output Deal

Oil prices continued to advance on Thursday following an almost 6% surge in the previous session due to an unexpected move by OPEC to limit crude supply.

OPEC has agreed to restrict its output between 32.5 million and 33.0 million barrels per day in discussions during the informal meeting in Algeria, but details on the respective quantity each country will produce is yet to be decided and will be discussed during OPEC's official November meeting in Vienna.

The unexpected and extended drawdown in U.S. crude inventories for the fourth consecutive week also boosted oil prices, as stocks continue to decline with imports.

U.S. WTI climbed 28 cents to $47.33 per barrel after settling up 5.3% or $2.38 in the prior session. Brent crude rose by 31 cents to $49.00 per barrel, after closing up $2.72 or 5.9%.

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