Brent oil rises to $40 amid hopes for output cuts, recovery
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TOKYO (Reuters) - Oil rose on Wednesday, with Brent at $40 for the first time since March, as optimism mounted that major producers will extend production cuts and a recovery from the coronavirus pandemic will spur fuel demand. Brent crude futures for August rose 43 cents, or 1.1%, at $40 a barrel, by 0252 GMT. The contract climbed to as high as $40.42, the highest since March 6, after gaining 3.3% on Tuesday. U.S. West Texas Intermediate (WTI) crude futures gained 68 cents, or 1.9%, at $37.49..