Oil prices rose more than two per cent on Friday supported by a drop in European inventories and expectations of more OPEC output cuts despite the International Energy Agency reporting demand growth at its lowest since the financial crisis of 2008.
Brent crude futures gained $1.31 to $58.69 a barrel while U.S. West Texas Intermediate (WTI) crude futures were up $2.00 to $54.54 a barrel.
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