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Hannibal X 8 years, 3 months ago.
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Crude oil prices spike; OPEC may discuss production cut
Crude oil prices are surging after a report that indicates OPEC may soon discuss an output cut.According to Reuters, Russian energy minister Alexander Novak said Saudi Arabia proposed to a 5% drop production cut in each of the oil cartel’s 12 member countries to boost oil prices.
Oil prices jumped after the report crossed. Brent crude, the international benchmark of oil prices, rose by as much as 5% to $35.82 per barrel. West Texas Intermediate crude oil, the US benchmark, jumped nearly 5% to about $33.87 per barrel.
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