Oil prices settled up on Monday lifted by reaffirmed announcement by the OPEC to cut output and a drawdown in stockpiles. But a firmer dollar and production build by major producers dampened its outlook. The front-month in WTI settled up 1.86 percent to $44.95 a barrel. The front-month in Brent crude futures closed 1.60 percent higher to $46.33 a barrel. The spread between the two benchmarks stood at $1.38 a barrel.

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