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Iraq’s Oil Minister Thamir al-Ghadhban said he was optimistic about reaching a new supply cut deal after having phone conversations with some of his OPEC+ counterparts, Reuters reported on Sunday, citing a statement delivered by a ministry spokesman.

“Any new oil deal needs support from key oil producers from outside opec+ alliance such as the United States, Canada and Norway,” the spokesman added.

Crude oil prices

The barrel of West Texas Intermediate gained more than 30% last week to close a little below the $29 handle.