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Crude oil prices jump as BP cuts capital expenditure

oilOil futures rose on Tuesday, adding to gains of more than 11 per cent in the prior two sessions as BP announced a cut in capital expenditure for 2015. BP announced it would cut capital expenditure by 13 per cent to $20 billion in 2015. Last week, Chevron announced a 13 per cent cut in capital expenditure to $35 billion.

Brent crude oil futures were up $1.90 cents at $56.65 a barrel as of 0934 GMT. US WTI futures were at $51.08 a barrel, up $1.51 cents.

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