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MTECHTIPS:-Crude closes higher in choppy trade, amid uncertain production outlook
Crude futures closed moderately higher on a choppy day of trading, as investors weighed the possibility that U.S. shale producers could be on the verge of cutting output with the increasing likelihood that OPEC may resist cutting production for the remainder of the year. On the New York Mercantile Exchange, WTI crude for April delivery wavered between $33.37 and $34.75 a barrel before settling at $34.41, up 0.67 or 1.99% on the day. At session highs, U.S. crude reached its highest level since January 6, extending a rally started in mid-February when it touched down to 13-year lows at $26.05 a barrel. Ever since, WTI crude has closed higher in 10 of 14 sessions, while surging more than 20%. On the Intercontinental Exchange, brent crude for May delivery traded between $35.95 and $37.24 a barrel, before closing at $36.85, up 0.28 or 0.74% on the session. North BrentSea futures have also jumped by more than 15% since falling below $30 a barrel on February 11. U.S. crude futures briefly fell below $33.50 a barrel on Tuesday, as investors reacted to bearish reports that OPEC could leave its production ceiling at near-record highs for at least the next several months. When OPEC convenes in Vienna for its semi-annual meeting, it is unlikely that the world’s largest oil cartel will complete any drastic steps to cut production, according to OPEC sources and delegates surveyed by Reuters. Crude prices have tumbled more than 60% over the last 15 months since OPEC rattled global energy markets with a shocking decision to maintain production above 30 million barrels
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