Oil jumps on supply cut chatter

Seeking Alpha

Published May 15, 2017 03:34AM ET

Oil jumps on supply cut chatter

  • Oil prices rose 2% to $48.80 per barrel after Saudi Arabia and Russia, the world's top two producers, said that a crude production cut would be extended from the middle of this year until March 2018.
  • While the output cut will initially be on the same volume terms as before, they hope other producers will join in their efforts.
  • OPEC is due to meet in Vienna on May 25.
  • ETFs: USO, OIL, UCO, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, DWT, OILK, OILX, USOI, UWT, WTID, WTIU
  • Now read: Energy Recap: The EIA Releases Its Latest Short-Term Energy Outlook

Original article

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