Oil prices gain 2 pct, extending rally from December lows::

Oil prices rose by 2 percent on Monday, extending a rally from December’s 18-month lows with support from OPEC production cuts and steadying share markets.

Oil has gained nearly 12 percent since last Monday, its biggest week-on-week rally in two years.

Brent crude LCOc1 was up $1.13 at $58.19 a barrel by 0940 GMT, rising from December’s slide below $50, it lowest level since July 2017. U.S. crude CLc1 rose 84 cents to $48.80 a barrel.

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