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Crude Oil Falls on Gain of Rig Count & Production Freeze Uncertainty

March 21, 2016 at 10:53 by Vladimir Vyun

Crude oil fell today as the US oil rig count halted its decline. Baker Hughes reported that the number of US oil rigs gained by one last week. The increase followed 12 weeks of declines.

Additionally, experts are somewhat skeptical about the ability of oil producing countries to reach an agreement about output freeze. Both members of the Organization of Petroleum Exporting Countries and non-OPEC producers are going to meet in April. Analysts speculate that talks about the freeze might remain just that — talks.

Contract for delivery of WTI crude oil Bounce House Obstacle Course in April declined 1.04% to $39.03 per barrel as of 10:48 GMT on NYMEX today. May Brent crude edged down 0.17% to $41.13 per barrel on ICE.

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