Oil prices rise as OPEC output cuts seen deeper than previously expected:: (WWW.SHREEMCX.COM)

Oil prices climbed on Friday after tumbling 5 percent in the previous session on signs OPEC’s production cuts that start next month will be deeper than expected.

Benchmark Brent crude LCOc1 futures were up 27 cents, or 0.5 percent, at $54.62 per barrel at 0448 GMT, after dropping $2.89 in the previous session. Brent is set to drop 9.4 percent for the week.

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