Commodity Capsule: Oil prices edged higher on Monday, supported by expectations that major producers will tighten supplies.

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Both the crude benchmarks are hovering at their highest levels in seven months, having weakened in the last two weeks.

Russian Deputy PM Novak said Russia had agreed with partners in OPEC on parameters for continued export cuts. 

Russia has already said it will cut exports by 300,000 barrels/day in September, following a 500,000 bpd cut in August.

Saudi Arabia is expected to roll over a voluntary one million bpd cut into October.

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