Oil futures log back-to-back session gains

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Oil futures rose Wednesday for a second session in a row on news that Saudi Arabia and Russia reiterated their commitment to their production-cut agreement. Saudi Arabia’s Crown Prince Mohammed bin Salman and Russian President Vladimir Putin, by telephone on Tuesday, agreed on the importance of continued OPEC+ cooperation to abide by the output reductions, according to the official Saudi Press Agency. “OPEC+ has shown its willingness to step in to rebalance the market, should that be necessary, but they will not risk pre-maturely tilting the balance in either direction,” said Manish Raj, chief financial officer at Velandera Energy. November West Texas Intermediate crude rose 84 cents, or 2.1%, to settle at $41.04 a barrel on the New York Mercantile Exchange.
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