Oil rises after Saudi Arabia renews pledge to cut output

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Oil prices rose on Tuesday (November 22) after top oil exporter Saudi Arabia said OPEC+ remained persistent with production cuts and can take further steps to balance the market.

Ending Tuesday’s session, the Brent oil contract advanced $1.08, or 1.2 percent, to $88.53 a barrel. The WTI oil contract added $1.14, or 1.4%, to $81.18 a barrel.

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