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FinancialNews
04-12-19
Jump in oil prices ahead of OPEC+ talks
(MENAFN) On Wednesday, oil prices increased ahead of a gathering of OPEC and its allies to talk about whether to expand production curbs to help the market, while industry data showing that U.S. crude stockpiles decreased more than estimated helped to lift prices.
Brent crude futures rose 35 cents, or 0.6 percent, at USD 61.17 a barrel by 0246 GMT and US West Texas Intermediate (WTI) crude futures increased by 31 cents, or 0.6 percent, at USD 56.41.
The Organization of the Petroleum Exporting Countries (OPEC) and allies that include Russia - a group known as OPEC+ - are arranging to approve deeper crude output cuts this week, when they meet in Vienna, according to Iraq, the group's second-biggest producer.
"A deeper cut is being preferred by a number of key members", as said by Thamer Ghadhban, the oil minister of Iraq.
MENAFN0412201900450000ID1099367053
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