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Oil prices on Wednesday gained over OPEC’s supply cut statement and US sanctions on Venezuela. International Brent crude futures rose 0.8%, to $62.93 per barrel. US WTI crude oil futures climbed 0.9% to $53.60 per barrel. OPEC on Tuesday said that the cartel had curbed its output by approximately 800,000 bpd in January to 30.81 million bpd.
