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MTECHTIPS:-Crude surges 3%, amid hints of potential production cuts from OPEC
Crude futures surged nearly 4% on Tuesday reversing losses from the overnight session, as Kuwait’s OPEC governor hinted that the world’s largest oil cartel could be willing to slash production to curtail a persistent downturn in prices. On the New York Mercantile Exchange, WTI crude for March delivery traded in a broad range between $29.25 and $32.19 a barrel, before settling at 31.45, up 1.07 or 3.48% on the day. In overnight, Asian trading, U.S. crude futures briefly dipped below $30 a barrel, amid continuing signs of weakening demand in China. A session earlier, the front month contract for WTI crude slumped nearly $2 a barrel, halting a two-day winning streak when Texas light, sweet futures surged more than 15%. On the Intercontinental Exchange (ICE), brent crude for April delivery wavered between $30.12 and $33.25 a barrel, before closing at 32.56, up 1.25 or 3.90% on the session. North Sea brent crude futures are still down approximately 10% on the month, remaining near their lowest levels since 2003. Both the international and U.S. domestic benchmarks of crude jumped more than 6% on the session, before paring some of the gains in the final hours before the close of trading. Crude prices rallied in U.S. morning trading after Nawal al-Fazaia, Kuwait’s OPEC governor, made bullish comments on the possibility that the cartel could reduce supply levels in an effort to stem record-low price declines. Speaking at an energy forum in Kuwait, Al-Fazaia indicated that OPEC could be open to lowering its production if its rivals outside the cartel follow suit.
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