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Oil prices continued their march higher on Friday as investors cheered a decision by the world’s biggest oil producers to extend a deal to curb production throughout 2018.

Brent crude, the international oil benchmark, gained 2.4 per cent to hit a near three week high of $64.32 a barrel, while West Texas Intermediate, the US benchmark, rose as much as 2.5 per cent to $58.88, according to Thomson Reuters data.

The rally followed a deal led by Saudi Arabia and Russia, who together account for one fifth of global supplies, to curb global output by 1.8m barrels in 2018. The agreement involves 24 countries inside and outside the Opec cartel.

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