Benchmark oil contract Brent North Sea crude climbed back to $60 per barrel on Wednesday, with OPEC cutting output and on easing concerns over weak demand growth.

Around 0940 GMT, Brent crude for delivery in March stood above $60 for the first time in 3.5 weeks and was up 20 percent compared with two weeks ago, prior to an oil production cut by the Organization of the Petroleum Exporting Countries and non-cartel producers from January 1.

AFP

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