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Oil Prices Up Amid Hopes of a Saudi Arabia, Russia Deal – Investing.com, Investing.com

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Oil Prices Up Amid Hopes of a Saudi Arabia, Russia Deal – Investing.com, Investing.com
                

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4 hours ago (Apr © Reuters. , : 050 PM ET)

        

© Reuters.                            

By Gina Lee

Investing.com – – Oil prices © Reuters. (rallied) © Reuters. (in Asia )

on Thursday morning

,
by () (9) : (PM ET 2: AM GMT) and US jumped. 3. 90 % to $ 2 ) 1. , reversing losses in the last session

US President Trump said at a press conference yesterday that he expected the two producers to come to an agreement within the next few days.

“It’s very bad for Russia, it’s very bad for Saudi Arabia. I mean, it’s very bad for both. I think they’re going to make a deal,” he added.

While not a major directional driver today, t

he (Energy Information Administration (EIA) s aid overnight that

rose by . 8 million barrels last week, (a) weekly build last seen

four years ago.

EIA’s report was in sync with

American Petroleum Institute (API) ‘s (of a ) . – million-barrel build © Reuters.

Meanwhile,

(o )

il demand continues to shrivel as the number of COVID – (cases globally shows no sign of decreasin © Reuters. © Reuters. and investors are buckling up for another tough month.

“Global inventories will be chock full by mid-May. I think the market can continue to decline furt h

er, ”Gene

McGillian

, a broker and oil analyst at Tradition Energy , told CNBC.

“There’s no signs of

reproachment

with producers and with further demand destruction we could get another $ 5 taken from the market © Reuters. , ”he added.

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