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Monday, 5 September 2016

Oil jumps 5% as chorus on stability grows louder | GulfNews.com

Oil jumps 5% as chorus on stability grows louder | GulfNews.com:

"Brent prices jumped as much as 5 per cent on Monday, registering its highest single day gain in five months, before easing from its intra-day high as the chorus grew louder for market stability.
Oil bulls took charge, adding to long positions, and Brent crude jumped to as much as $49.38 (Dh181.2) per barrel, but post the joint statement from the world’s two biggest oil producers — Saudi Arabia and Russia — crude eased from its intra-day high to trade at $47.40, up 1.22 per cent.
On the sidelines of the G20 summit in Hangzhou in China, Saudi Arabia and Russia weighed options and agreed to stabilise the oil market, a move that received support from the UAE, Kuwait and from the Opec (Organisation of the Petroleum Exporting Countries)."



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