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Oil prices jump on possible US shale slowdown

Oil prices rose 3.3 per cent on Tuesday to the highest close in over a month one day after Anadarko reported it will cut capital spending plans and Saudi Arabia pledged to cut its exports to help tackle to global crude glut.

Brent crude futures rose $1.60 to settle at $50.20/barrel, the first time over the $50 mark for the benchmark since June 6.  US WTI closed up $1.55, ending the day at $47.89/barrel.

Mark Watkins, regional investment manager with US Bank told Reuters that lower oil prices in June and July have impacted US shale production.

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