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Oil Runs to Upside on Rumors About Production Freeze

April 12, 2016 at 19:32 by Vladimir Vyun

Crude oil extended its rally, recording huge gains today. The reason for the surge of prices was reports about an agreement between Saudi Arabia and Russia to freeze oil output. The news reinvigorated hopes for the meeting of major oil producers in Doha, Qatar, this Sunday.

Now, traders wait for the supply report from the American Petroleum Institute. Tomorrow, the Energy Adult Bounce House Information Administration is also going to release US reserves data. It will be interesting to see how the recent decline of US production has affected inventories.

Contract for delivery of WTI crude oil in May gained as much as 4.39% to $42.13 per barrel as of 19:24 GMT on NYMEX today. June Brent crude rallied 4.34% to $44.69 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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