Crude Jumps Most in Five Months on Optimism Over End to Oil Glut - Bloomberg:
Crude is on track for its biggest advance in five months as the world’s biggest oil exporters prepare to discuss global supplies.
Futures rose as much as 3.6 percent in New York on Monday, clawing back almost half of Friday’s loss. All eyes are on this week’s G20 gathering in Argentina that will include Saudi Crown Prince Mohammed Bin Salman and Russian President Vladimir Putin. That event will be followed by a key OPEC meeting next week in Vienna.
“There has been sufficient commentary out of various OPEC members about addressing this oversupply situation, either at the G20 or at the upcoming OPEC meeting,” said John Kilduff, a partner at New York-based hedge fund Again Capital LLC.
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