Singapore — Oil prices rose about 1% on Monday as producer cartel Opec moved closer to an output cut to rein in oversupply that has kept prices low for more than two years. International Brent crude oil futures were trading at $47.35 a barrel at 12.23am GMT, up 49c, or 1.05%, from their last settlement. US West Texas Intermediate (WTI) crude was up 0.98%, or 44c, at $46.14 a barrel. Traders said that markets were being supported by advancing plans by Opec to cut production in a bid to prop up the market following more than two years of low prices as a result of output exceeding demand. Such a deal has proved tricky to agree as some producers, most notably Iran, have been reluctant to cut output. But an agreement has become more likely as Iran, keen to increase output after international sanctions against it were lifted last January, was expected to be given an exemption if it agrees to cap its production rather than cutting it, leaving the onus of a an outright reduction on other Op...
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