Crude Oil Prices Higher as Output Cut Deal Likely to Extend

Oil price rebounded, as the meeting between Saudi Arabia King Salman bin Abdulaziz and Russian President Vladimir Putin might bring about an extension of the output cut deal. The front-month WTI crude oil contract rose +1.62% while the Brent contract soared +2.15% for the day. Refined oil products also gained with the RBOB gasoline and heating oil contracts up +1.96% and +0.7% respectively.

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Crude Oil Prices Higher as Output Cut Deal Likely to Extend