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Oil rises 2% on fresh calls for production freeze

Oil extended gains on Monday on a report of renewed calls by some OPEC members to restrain output, even as analysts warned bearish fundamentals that brought prices to four-month lows last week still lurked.

International benchmark Brent futures were trading at $45.07 per barrel at 8:09 a.m. ET (1209 GMT), up 80 cents, or 1.8 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $42.63 per barrel, up 83 cents, or 2 percent.

The rise came on the back of a Wall Street Journal report late last week about fresh calls by some members of the Organization of the Petroleum Exporting Countries to freeze production levels in a bid to rein in output that has consistently outpaced demand.

Qatar's energy minister...


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