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Crude Oil Hangs Near 2019 Highs on Hopes for OPEC Cuts Extension

March 19, 2019 at 21:52 by Vladimir Vyun

Crude oil traded near the highest levels for this year as traders were hoping that the Organization of Petroleum Exporting Countries will extend its production cuts till at least the end of the year. The OPEC scrapped the planned meeting in April and will make a decision whether to extend cut at its June meeting.

Traders now wait for reports about US oil inventories. The American Petroleum Institute will release its report later today. The Energy Information Administration will release official data on Wednesday. Experts predicted that the report from the EIA will show an increase of US oil reserves by 0.5 million barrels last week. The week before, the stockpiles shrank unexpectedly by 3.9 million barrels.

Futures for delivery of WTI crude oil in April traded at $59.08 per barrel as of 21:34 GMT on NYMEX today after rising to $59.57 earlier — the highest level since November. May contract for Brent crude advanced 0.19% to $67.67 per barrel on ICE, also the highest level since November.

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