Crude Oil's Rally Likely Short-lived as OPEC Meeting Won't Bring Output Cut

Crude oil rallied as OPEC suggested recent price correction was temporary. The front-month WTI contract jumped +2.92% while the Brent contract gained +2.53%. Heating oil also rose about +2% but gasoline slipped -1.04%, terminating the 4-day rally. Market sentiment was modestly firm with Wall Street ending the day largely unchanged.

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Crude Oil's Rally Likely Short-lived as OPEC Meeting Won't Bring Output Cut