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Oil Prices Increase as Russia Mulls Extension of Production Restrictions

Oil prices gained ground this week, with the US benchmark rising above $36 a barrel amid signals that Russia, a key OPEC ally, is considering a possible extension of oil production restrictions into the first quarter of 2021 in the light of rising coronavirus cases worldwide.

Fresh lockdowns announced across Europe to contain the resurgence of the coronavirus pandemic clouded demand outlook, pushing prices to multi-month lows.

On the supply side, the resumption of Libya’s oil output put additional pressure on markets.
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