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Oil prices soared in the international market over OPECs supply cut decision from January. Benchmark Brent crude oil futures rose by 0.9%, to $62.21 a barrel. Since US oil industry isn’t part of the proposed cuts, US WTI crude futures didn’t gain much. WTI crude rose to $52.63 per barrel. OPEC and other oil producers like Russia on Friday announced a supply cut of 1.2 million bpd in the current production.