Crude oil prices moved up by six per cent yesterday following the decision by the Organisation of Petroleum Exporting Countries (OPEC) to cut production in an attempt to curtail glut.Specifically, Brent crude oil traded for $49.34 per barrel while West Texas Intermediate (WTI) rose to $47.89 a barrel.This is a significant improvement from the $40 per barrel, for which it was sold a few weeks ago due to persistent global glut.
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