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Oil Prices Firm In The Face Of OPEC Cut Extension

Oil prices have firmed following a reported drop in United States crude inventories and based off of expectations that a production cut led by OPEC will aim to tighten the market and extend beyond March 2018, Reuters reported Tuesday. Brent crude futures serve as the international benchmark for oil prices, the report said. They sat at $62.81 per barrel in the most recent count, which is up 24 cents or 0.4 percent from the last results. U.S. West Texas Intermediate or WTI crude futures were reported to be at $57.31 a barrel, which is up 48 cents, or 0.8 percent, the report said. According to traders, the markets are normally well supported by the Organization of the Petroleum Exporting…