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Crude Oil Jumps 5 Percent

October 6, 2015 at 20:02 by Vladimir Vyun

Crude oil prices rallied today due the couple of positive supply-demand reports. Prices jumped about 5 percent, ignoring the forecast of slower growth of the global economy.

The US Energy Information Administration forecast that global consumption should increase from 93.79 million barrels per day in 2015 to 95.20 million in 2016. The build-up of world inventories is expected to slow.

Meanwhile, the Organization of Petroleum Exporting Countries predicted that world demand for oil should grow 1.39 percent to 94.08 million barrels per day next year from the current year.

Crude also rallied on reports that Russia and Saudi Arabia were discussing the current state of the oil market. This led to speculations that the major producers of crude may limit their output to support prices.

November futures for delivery of WTI crude oil climbed 4.95 percent to $48.55 per barrel as of 19:56 GMT on NYMEX today. Contract for Brent crude jumped 5.3 percent to $51.86 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

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