Brent oil inches to $99 on OPEC output cut talk

Brent crude oil, a version of Nigeria’s Bonny Light steadied near 99 dollar per barrel on Wednesday, after staging its steepest climb in two weeks in the previous session.

There was hope that the Organization of the Petroleum Exporting Countries (OPEC) will cut output and reduce a global supply glut.

The European benchmark sank to a 26-month low this week on continued worries about rising supplies and slower demand growth in China and Europe. Read more

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