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Oil prices climbed on Monday, supported by Saudi optimism about Asian demand and an Iraqi pledge to deepen supply cuts. Although uncertainty over a deal to shore up the U.S. economic recovery capped gains. Brent crude futures rose 34 cents, or 0.8 per cent, to $44.74 a barrel by 0641 GMT while U.S. West Texas Intermediate (WTI) crude futures were up 47 cents, or 1.1 per cent to $41.69 a barrel. Both benchmark contracts fell on Friday, hurt by demand concerns, but Brent still ended the week up 2.5 per cent, with WTI up 2.4 per cent. “Comments from the weekend from Aramco are the driver at the moment,’’ said Michael McCarthy, market strategist at CMC Markets and Stockbroking. Saudi Arabian ... Tout l'article

10 août