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FBaggins

(26,757 posts)
Mon Feb 15, 2016, 06:02 PM Feb 2016

Oil stages late gains as Saudi, Russia, Venezuela to meet

Oil prices rose nearly 2 percent on Monday on news that ministers from Saudi Arabia, Russia, Qatar and Venezuela would hold a previously unpublicised meeting in Doha this week, adding to speculation of a global output deal.

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Russian Energy Minister Alexander Novak will attend the meeting on Tuesday in what would be the largest producer gathering since OPEC's last formal session in early December, sources familiar with the matter told Reuters on Monday.

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Venezuelan Oil Minister Eulogio Del Pino made no comment on his arrival to the Gulf state of Qatar on Monday, a witness said. Del Pino has been visiting major oil producers to rally support for the idea of "freezing" production at current levels to stem spiraling prices, sources have said.

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Nigeria's oil minister told Reuters the mood inside OPEC was shifting to a growing consensus that a decision must be reached on propping up prices.Russia has repeatedly refused to cooperate with the Organization of the Petroleum Exporting Countries despite the falling price of oil, but in the last few weeks Moscow has sent mixed signals about the possibility of cooperation.

http://finance.yahoo.com/news/brent-edges-down-pares-fridays-005647943.html
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