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Brent, WTI extend positions above $50 as market awaits Opec-Russia talks.
The bearish trend in the stock markets also follows a decline in oil prices.
Co-owners of this project include BHP Billiton and Union Oil Company of California, an affiliate of Chevron.
Brent touches $54 per barrel as Opec announces it would cut production by 1.2m barrels per day
On Wednesday, Opec agreed to cut oil production by 1.2 million barrels per day.
Brent, WTI trade higher following agreement in Vienna to cut Opec production in conjunction with Russia
Suhail Al Mazroui tells IBTimes UK that Opec was working 'overtime' towards an oil market solution.
Most analysts said they expect some form of deal to emerge from the Opec meeting.
Fears of oil sliding to $40 escalate as preliminary Opec talks yield little, while Russians pull out of talks.
Kremlin decides against talks with Opec while cartel's internal meeting of experts ends without concrete plans for an oil production cut
Opec seeks solutions as ministers' meeting nears with oil benchmarks well below $50 per barrel
Brent, WTI see heavy short selling ahead of Opec meeting as market mulls possible oil production cut.
The uptick in Asia is expected to only last until US markets reopen after the holidays.
Kremlin's offer falls short of a coordinated crude production cut ahead of Opec meeting.
Crude prices edge close to $50 a barrel as investors grow confident Opec curb production next week.