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MTECHTIPS:-Crude pares gains after hitting 3-week highs, amid rumors of OPEC cuts
Crude futures surged to fresh three-week highs amid reports that OPEC could slash production in an effort to stem a 14-month downturn, before paring some of the gains on Thursday afternoon after a host of representatives from the cartel refuted speculation of any imminent cuts. On the New York Mercantile Exchange, WTI crude for March delivery wavered between $31.75 and $34.80 a barrel before settling at $33.25, up 0.95 or 2.91% on the session. At session high’s, the front month contract for U.S. crude surged above $34 a barrel for the first time since January 8. Since slipping below $26.50 to fall to 12-year lows early last week, WTI crude has closed in the green in five of the last six sessions. During that span, Texas, light, sweet futures have soared by more than 24%. On the Intercontinental Exchange (ICE), brent crude for April delivery traded in a broad range between $33.40 and $36.73 a barrel, before closing at $34.87, up 0.92 or 2.74% on the day. At one point on Thursday, North Sea brent crude reached as high as $36.67, its highest level since Jan. 6. Brent crude futures have closed in positive territory in six of the last seven sessions, rallying approximately 25% over the last week.
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