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Crude oil spikes as more OPEC rumors surface

Jonathan GarberOct 27, 2016, 19:02 IST

West Texas Intermediate crude oil is higher by 1.08% at $49.64 per barrel as of 9:25 a.m. ET following more reports crossing the wires about a potential production freeze or even a cut.

Reuters says Saudi Arabia and its Gulf OPEC allies are considering cutting their production by 4%. However, its seems like not everyone is on board with that. A separate headline from Reuters indicated Russia would freeze production at current levels, but not reduce output.

OPEC meets on November 30 in Vienna, Austria.

Brent crude oil, the international benchmark, is up 1.43% at $50.61 per barrel.

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