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Oil strengthens on prospect of OPEC+ maintaining supply cuts, drop in U.S. inventories

From reuters.com

Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day underpinned alongside a drop in U.S. fuel inventories. Brent crude futures added 11 cents, or 0.2%, to $64.18 a barrel, as of 0148 GMT, after climbing more than 2% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were unmoved at $61.28 a barrel. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, are considering rolling over production cuts into April instead of raising output, as a recovery ... (full story)

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  • Category: Fundamental Analysis