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Oil prices hit 18-month highs as markets eye output cuts

Benchmark Brent crude jumped more than 2 percent to a high of $58.37, up $1.55 a barrel and its highest since July 2015. By 1430 GMT (9:30 a.m. ET), Brent had eased to $58.12, up $1.30.

 
 
India's largest LNG importer Petronet has signed an agreement to set up a USD 950 million liquefied natural gas import project in Bangldesh.

"Natural gas is the next-generation fossil fuel, cheaper and less polluting," Modi said in an address at flagship energy event, Petrotech.
Nearly Rs 1.34 lakh crore worth of debt on operational and under-construction power projects is at risk, says ratings agency Crisil.
 
 
US West Texas Intermediate (WTI) crude oil futures were trading at $50.87 per barrel at 0235 GMT, down 17 cents from their last settlement.
Monday's gains take the rally since the agreement was struck on Wednesday to 18 percent for Brent, the highest in almost eight years, and 15 percent for US crude.
The company is expected to snap its six-quarter long rising trend on the growth front by reporting a 4.4 per cent sequential drop in standalone net profit in Q2.
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