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Crude Oil & Natural Gas Rise During Thursday’s Trading

January 28, 2016 at 20:56 by Vladimir Vyun

Crude oil jumped more than 3 percent today on reports that Saudi Arabia contacted Russia with a proposition to reduce output as a measure to support prices. There is nothing tangible yet, and many analysts are skeptical about possibility of such a deal, but for now oil prices are on the rise due to Biggest Bounce House the news. March contract for delivery of WTI crude oil gained 3.5 percent to $33.43 per barrel as of 20:39 GMT on NYMEX today. Brent crude climbed 3.05 percent to $34.11 per barrel on ICE.

Natural gas rallied as well thanks to the supply report from the Energy Information Administration. The agency reported that US stockpiles shrank 211 billion cubic feet, basically in line with expectations. Drawdown may slow significantly as weather becomes milder, but for now the strong usage of gas during the period of low temperatures contribute to the rise of prices. March contract for delivery of natural gas rallied 1.85 percent to $2.2 per million British thermal units on NYMEX today.

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