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Oil gains on OPEC cut talks

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OPEC will resume talks today with a view to planning for 2021 and the continuation of output cuts to support the oil price in a time when demand is lower as the world recovers from the pandemic. A deal is expected to be reached for cuts of 7.7 million barrels per day which has seen oil trickle up overnight and trade around the 45.50 mark. The question mark will be on compliance to these cuts which had been a problem previously with some of the smaller member nations reluctant to cut their supply.