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The early signs are promising, hinting that this upward momentum will carry into February', analysts at J.P. Morgan said.

Chevron is speeding up its expansion of Kazakhstan's Tengiz oilfield, two sources familiar with the plans told Reuters, raising its output to around 1% of global crude supply.

Producing light crude, Bozhong 26-6 is expected to reach 22,300 barrels of oil equivalent a day in peak production this year.