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Oil Extends Longest Run of Gains Since August Before OPEC Cuts

Oil extended the longest winning streak in more than four months before OPEC and other producing nations start reducing output to stabilize the market.

Futures advanced as much as 0.6 percent in New York, climbing for a seventh session. Prices are set to recover next year as supply cuts help to rebalance an oversupplied market, Saudi Arabia’s Energy Minister Khalid Al-Falih said last week. OPEC and 11 nations from outside of the group including Russia have agreed to trim about 1.8 million barrels a day from January.

Oil has traded near $50 a...


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