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Oil prices rise, interbank rate jumps
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Oil prices rise, interbank rate jumps

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Oil futures climbed on Friday as signs of the market tightening after major oil producers agreed to cut output helped set prices up for a modest gain on the week.

The nation’s interbank lending rate also rose to close at 11.5 per cent on Friday, up from seven per cent the previous week as payments for bond and treasury bills purchases drained liquidity from the money market.

On the New York Mercantile Exchange, February West Texas Intermediate crude CLG7, +1.99 per cent jumped $1.47, or 2.9 per cent, to $52.84 a barrel. The contract, which expires at the day’s settlement, finished last Friday at $52.37; so it was trading around 0.9 per cent higher for the week, according to FactSet data.

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