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Oil skirts $50 barrier as majors soften cuts

LONDON: Brent crude oil futures neared $50 on Friday after producers reached a compromise deal to nudge output from next month.

The Organization of the Petroleum Exporting Countries (OPEC) and their allies, known collectively as OPEC+ on Thursday agreed to soften output cuts from January by 500,000 barrels per day to be followed by further increases that have not yet been agreed each month.

News source ~ Arab News