Crude oil hits two-month high

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Crude oil hits two-month high

CRUDE OIL hit a two month high after a pre-Organisation of Petroleum Exporting Countries' (Opec) meeting concluded that oil supplies needed to be cut.

Officials from Iran and Saudi Arabia, who met over the weekend, stopped short of proposing a new round of cuts for the Opec nations.

But their comments boosted hopes that production cuts would be on the agenda at the Opec summit later this month.

In London, Brent crude rose more than 3 per cent to $11.92.