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Oil costs extended benefits on Friday, buoyed by increasing positive outlook that non-OPEC manufacturers might accept to cut output following a cartel agreement to restrict manufacturing. MCX Crude for January distribution was up 17 percents at USD 51.01 a barrel by 0039 GMT, after closing up USD 1.07 on Thursday. However, the agreement is set for a weekly decrease of around 1 percent.
MCX crude for Feb distribution was yet to trade after deciding up 89 percents at USD 53.89 a barrel on Thursday following two days of decreases. Oil manufacturers will come across in Vienna on Saturday to see if non-OPEC countries will cut manufacturing to decrease a global supply glut that has forced costs for more than two years.
OPEC has decided to decrease manufacturing by 1.2 million bpd in the first half of 2017, a deal that supported crude futures despite questions over whether the amount was enough and whether the reduced would be successfully applied. Russian federation, which is not an OPEC participant, has signaled it was prepared to cut manufacturing by 300,000 bpd and on Thursday Azerbaijan said it would come to Vienna equipped with suggestions for its own decrease.
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