Crude oil benchmarks on the New York and London markets climbed by more than $1/bbl on Dec.7 after the Organization of Petroleum Exporting Countries and a group of 10 non-OPEC countries, led by Russia, agreed to cut production by a total 1.2 million b/d effective Jan. 1, 2019.

The production cut was announced in efforts to support oil prices, which had fallen sharply on concerns about building world oil inventories. Barclays expects oil prices will rebound to the low-$70/bbl range for Brent next year.

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