File - A table with OPEC logo is seen during the presentation of OPEC's 2013 World Oil Outlook in Vienna , November 7, 2013. REUTERS/Leonhard Foeger
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Crude oil markets jumped as much as 5 percent Monday, rebounding from five-year lows with their biggest daily gain since 2012, on fears that the high U.S. shale output blamed for the global oil glut may be shrinking.The 4 percent rise was the largest one-day move up in U.S. crude since August 2012 . U.S. crude continued to surge post-settlement, gaining almost 5 percent to $69.34 by 2015 GMT. Data reviewed by Reuters on Monday showed the new low-price environment for oil might have started affecting U.S. shale production, with a 15 percent drop in permits issued for new shale wells in October.
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