Oil prices on Tuesday retreated from one-year highs, after OPEC said it was trying to reach a global agreement to cap production for at least six months amid doubts about how much that would reduce a crude glut, Reuters reported. Oil has rallied than 13% in less than two weeks since OPEC proposed its first production curbs in eight years. Still, prices remain about half of mid-2014 highs above $100 a barrel. On Tuesday, Brent crude settled down 73 cents, or 1.4%, at $52.41 a barrel, retreating from a one-year high of $53.73 hit on Monday. While Nymex’s crude oil rose 0.2% to US$50.89 per barrel in Asian trading this morning.

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