Oil Futures Rally on Hopes of a Production Freeze

Crude futures increased as markets strengthened by way of hopes for an agreement among exporters to freeze output. However, a persistent global oversupply and plans to boost production by Iran put pressure on the physical oil prices. After the Kuwaiti governor for the Organization of the Petroleum Exporting Countries (OPEC), Nawal Al-Fuzaia, assured of an agreement on output during a producer meeting scheduled for April 17 in Qatar, oil futures recovered from a one-month low. The US crude futures jumped around a dollar, or 2.8%, to $36.87 per barrel and the International Brent futures rose 1.8% at $38.55 a barrel. However, the investors are likely to remain cautious ahead of the April 17 meeting.

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