World
 
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Oil prices gain on talk of OPEC cut
AFP
LONDON
Petroleumworld.com 10 10 06
World crude prices climbed Tuesday on rising expectations of an output cut from international oil cartel OPEC, dealers said.
New York's main contract, light sweet crude for delivery in November, won 44 cents to 60.40 dollars per barrel in electronic deals before the official opening of the US market.
In London, Brent North Sea crude for November delivery won 37 cents to 60.91 dollars per barrel in electronic trading.
Although traders were still concerned about the nuclear test announced by North Korea on Monday, the main issue was growing talk from the Organization of Petroleum Exporting Countries about a supply cut, according to analysts.
"I think there's just growing expectation that OPEC is going to cut production," said Mark Pervan, senior resources analyst at Daiwa Securities in Melbourne.
Crude futures had rebounded above 60 dollars on Monday after OPEC president Edmund Daukoru called for the cartel to slash output, and North Korea shocked world opinion by announcing a nuclear test.
AFP 10 0816 GMT 10 06
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