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Oil advances to 16-month high as focus shifts to non-OPEC cuts

Futures rose as much as 1.4 percent in New York. The Organization of Petroleum Exporting Countries will meet producers from outside the group in Vienna on Saturday to discuss supply curbs, according to OPEC Secretary General Mohammad Barkindo. The group has invited 14 non-members, which together pump about a fifth of the world's oil, to the talks, he said.

Oil has climbed more than 15 percent since OPEC agreed last week to reduce output by 1.2 million barrels a day starting in January, while non-member Russia pledged a cut of as much as 300,000 barrels a day. Attention is now shifting to OPEC's compliance with the accord and efforts to persuade other producers to cooperate. The deal can balance the market, but we tend to cheat,†former Saudi Arabian Oil Minister Ali Al-Naimi said at an event in Washington, D.C.

There is a reasonable degree of clarity as to how individual OPEC members will respond to the group's recent decision,†JBC Energy GmbH said in a note. The same cannot be said about Russia, let alone other non-OPEC producers†such as Oman, while U.S. output may rebound next year, it said.

West Texas Intermediate for January delivery rose as much as 74 cents to $52.42 a barrel on the New York Mercantile Exchange and was at $52.11 as of 1:35 p.m. London time, the highest since July 2015. The contract gained 1.2 percent to $51.68 on Friday. Total volume traded Monday was 40 percent above the 100-day average. Prices rose 12 percent last week.

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