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Oil prices jumped in the international market on Friday, after OPEC approved the 50% increase in production cuts in early 2020. Brent futures LCOc1 jumped to $63.40 per barrel. US WTI futures CLc1 were priced at $58.45 a barrel. OPEC and allies have come to an agreement over more output cuts to prevent the oversupply early next year. The agreement will decrease 500,000 bpd of production.
