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MTECHTIPS:-Crude surges 5% amid reports that OPEC oil could hit $50 a barrel
Crude futures surged more than 5% on Monday, after a report surfaced that OPEC producers are privately crafting a strategy to stabilize the price of oil at $50 a barrel. On the New York Mercantile Exchange, WTI crude for April delivery wavered between $36.09 and $38.09 a barrel, before settling at $37.91, up 1.99 or 5.54% on the session. At session-highs, U.S. crude futures hit their highest level since their first session of the new year. Since falling to 13-year lows in mid-February, WTI crude has rallied more than 30% amid mounting speculation of an imminent production freeze by OPEC, the world’s largest oil cartel. On the Intercontinental Exchange (ICE), brent crude for May delivery traded in a broad range between $38.88 and $41.04 a barrel, before closing at $40.80 up 2.09 or 5.38% on the day. North Brent Sea crude futures closed higher for a seventh straight session and the ninth time in the last 10 trading days. After briefly falling below $30 a barrel on February 11, brent futures have also soared by more than 28%. Oil prices extended considerable 8% gains from last week, amid heavy short covering. As a result, both the U.S. and international benchmark of crude are trading near 2016 highs. Speaking exclusively with Reuters, Gary Ross the executive chairman of the New York-based consultancy PIRA, cautiously advised that oil prices may have bottomed at last month’s lows below $30 a
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