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Oil Prices Jump due to Hopes for U.S. Lowered Inventories

Oil moderately rises in price on low-activity pre-holiday trading on Tuesday after Russia’s minister of Energy comments regarding the plans to continue cooperation with OPEC to support the oil market anticipating U.S. stock data.

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Brent crude futures with delivery in February soared by 1.08 percent, to $67,08 per barrel, while WTI crude futures added 0.71 percent, to reach $60,95 per barrel at 16.02 GMT.

The supply level could increase by the deal concluded on Tuesday by Kuwait and Saudi Arabia, which is expected to lead to the resumption of oil production at the joint fields of the two OPEC member countries in the neutral zone.

Market participants are also focused on inventories data release later in the day, whereas official EIA report would be published on Friday. 

Analysts polled by Reuters predict that U.S. oil inventories decline to about 1.8 million barrels last week.