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- Oil prices posted significant gains
Oil prices posted significant gains
West Texas Intermediate futures for March delivery rose to $33.89 (+2.02%), while Brent crude jumped to $35.83 (+5.83%) amid speculation that oil producers will discuss output cuts in order to support prices. However analysts say that a deal between producers is unlike and fundamentals will most probably weaken further.
Yesterday Russian officials said that Saudi Arabia had proposed oil production cuts of up to 5%. However analysts say that even if this happens it would not be enough to bring the market back to balance.
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