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Oil prices rise as Iraq pledges to cut output
Oil prices rise as Iraq pledges to cut output

New Delhi, Aug 10 (TIWN) Crude oil prices rose on Monday on supply concerns after Iraq said that it will further cut production.

The October contract of Brent crude on the Intercontinental Exchange (ICE) is currently trading at $44.87, higher by 1.06 per cent from its previous close.

On the demand, hopes of a stimulus package for the US economy has also boosted the market sentiments.

Hopes strengthened regarding the stalled talks between US Democrats and the White House on a new support package for cash-strapped states of the country, hit by the coronavirus pandemic.

US House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin said that they were willing to resume talks on a deal to cover the rest of the year.

Boosted by stimulus hopes, the WTI crude of the US also is trading higher. The September contract of WTI crude on the NYMEX was trading at $41.78, higher by 1.36 per cent from its previous close.

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