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Crude Oil Rises 1.2% On Supply Quota Chatter

Crude oil futures rose Monday amid optimism over Hurricane Irma's less destructive path through Florida.

Also, Saudi Arabia said it is open to another supply quota extension.

Saudi Arabia and Venezuela are prepared to make cuts "beyond the first quarter of 2018, if needed," the Saudi ministry said in one of the statements. An extension "would be considered in due course as market fundamentals may dictate."

Oct. WTI oil settles at $48.07/bbl on Nymex, up 59 cents, or 1.2%.

The Dow Jones Industrial Average is on track for its best one-day gain in six months.

by RTT Staff Writer

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