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Oil Gains amid Output Cut Talks, Natural Gas Falls After Supply Report

February 25, 2016 at 22:25 by Vladimir Vyun

Futures for crude oil rallied 2 percent during the Thursday’s trading session on speculations about another push to stabilize oil prices. While Saudi Arabia, Russia, Venezuela and Qatar were able to reach an accord about freezing output at January levels, most market participants thought that it would not be enough to deter crude from falling to new lows after a while. Now, there are speculations that representatives from the four World’s Biggest Bounce House countries will meet again to continue discussing measures that might buoy the prices. Futures for delivery of WTI crude oil in April gained 2.61% to $32.99 per barrel as of 22:16 GMT on NYMEX today. Brent crude advanced 2.01% to $35.1 per barrel on ICE.

Meanwhile, futures for natural gas sank due to a disappointing supply report from the United States. The Energy Information Administration reported that US reserves shrank by 117 billion cubic feet last week. It was a much smaller decrease than the predicted 125 billion and the previous week’s 158 billion. Futures for delivery of natural gas in March plunged as much as 3.77% to $1.71 per million British thermal units on NYMEX today.

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