Oil
recorded a second weekly gain amid speculation that OPEC and Russia
will meet to discuss trimming crude production to bolster prices.
Russian
Energy Minister Alexander Novak said that while OPEC member Venezuela
proposed a meeting next month, nothing is scheduled. Russia, after
months of insisting it was happy to keep pumping at full throttle,
suggested in recent comments it is open to compromise with the
Organization of Petroleum Exporting Countries. Equities climbed as the
Bank of Japan’s unexpected monetary stimulus boosted confidence that
central banks remain vigilant of slowing economic growth.
Oil
has pared its decline this year to about 9 percent after plunging to a
12-year low. Global markets remain volatile because of concerns about
brimming U.S. stockpiles and rising exports from Iran following the
removal of sanctions against the country. OPEC’s January crude output
climbed to the highest level in data compiled by Bloomberg going back 20
years as Indonesia’s membership was reactivated.
West
Texas Intermediate for March delivery rose 40 cents to settle at $33.62
a barrel on the New York Mercantile Exchange. The contract climbed as
much as 3.6 percent to $34.40 earlier. Total volume traded was 46
percent above the 100-day average.
Brent
for March settlement, which expires Friday, rose 82 cents, or 2.4
percent, to $34.71 a barrel on the London-based ICE Futures Europe
exchange.
Source: Bloomberg
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