Oil loses nearly 4 percent as hopes over Saudi, Russia deal fade | Reuters

Oil loses nearly 4 percent as hopes over Saudi, Russia deal fade | Reuters:

"Brent oil fell almost 4 percent on Tuesday, erasing early gains after top producers Russia and Saudi Arabia dashed expectations of an outright supply cut by agreeing only to freeze output if other big exporters joined them.

Benchmark Brent prices jumped briefly through $35 a barrel after Russia and Saudi Arabia agreed to keep output at January levels, in what could be the first joint OPEC and non-OPEC deal in 15 years.

Qatari energy minister Mohammad bin Saleh al-Sada said the step would help to stabilise the oil market, which has experienced price declines not seen since the early 2000s because of a supply glut."



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