Oil prices jump on hopes for OPEC, Russia meeting on output cuts [Yahoo! Finance News]
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Source: Yahoo! Finance News
YAHOO_FINANCE HomeU.S. markets closedBy Jane ChungApril 8, 2020ReblogShareTweetFILE PHOTO: A maze of crude oil pipes and valves at the Strategic Petroleum Reserve in Freeport, TexasSEOUL ) - Oil bounced back on Wednesday, with U.S. crude jumping over $1, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic.Brent crude was up by 75 cents, or 2.4%, at $32.62 per barrel by 0246 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate WTI) crude rose $1.30, or 5.5%, to $24.93 a barrel after dropping 9.4% in the previous session.Thursday's videoconference meeting between members of the Organization of Petroleum Exporting Countries OPEC) and its allies, including Russia, is widely expected to be more successful than their gathering in early March. That ended in failure to extend cuts, and a price war between Saudi Arabia and Russia amid slumping demand.But do
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