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Oil Stabilizes After Doha Meeting Shock, Natural Gas Gains

April 18, 2016 at 18:58 by Vladimir Vyun

The trading week has started with unpleasant news: the meeting of major oil-producing countries in Doha did not result in any agreement about supporting oil prices by output freeze or other measures. As one could expect, prices tanked as a result. Obstacle Bounce House Currently, crude trimmed its losses due to the reports about a worker strike in Kuwait. Futures for delivery of WTI crude oil in May were down 1.66% to $39.69 per barrel as of 18:50 GMT on NYMEX today. June contract for Brent grade of oil slid 0.58% to $42.85 per barrel on ICE.

Meanwhile, US futures for natural gas gain on forecasts of cold weather. Below-norm temperatures should increase consumption of gas used in heating. Nevertheless, the commodity remains under pressure from the threat of oversupply. Natural gas for delivery in May advanced as much as 2.05% to $1.94 per million British thermal units.

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