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WTI & Brent surged in early dealing this........>

OIL
OIL: WTI & Brent surged in early dealing this week, adding just under $3.00
apiece. Part of the rally came about as a result of the broader upturn in risk
assets owing to the U.S.-China trade "truce."
- There were also some oil specific matters in play. Russia & Saudi Arabia
declared an extension of their cooperation on crude supply cuts, while Oman's
oil minister said he's optimistic that OPEC+ members will agree on the need to
curb production.
- It is also worth noting that Canada's Alberta province has curbed its crude
production to deal with glut issues.
- The latest Baker Hughes rig count data, released Friday, saw a marginal uptick
in active U.S. oil rigs.
- Participants are now focusing on the upcoming OPEC+ summit in Vienna this
week, with growing exp. for a supply cut.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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