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Oil jumps supported by expectations of production cuts
Economy News - Baghdad:
LONDON (Reuters) - Oil futures jumped more than $ 1 a barrel on Thursday, recouping half the losses of around 5 percent in the previous session on expectations that falling prices could cut production.
By 0634 GMT, Brent crude rose to $ 57.81 a barrel, up $ 1.58, or 2.81 percent, from the previous close. US West Texas Intermediate crude futures rose $ 1.61, or 3.15 percent, to $ 52.70 a barrel.
Crude futures fell to their lowest level since January on Wednesday after a surprise rise in US crude stocks as well as fears that demand growth this year will be adversely affected by the trade war between China and the United States.
Analysts said crude prices rose on Thursday on expectations that Saudi Arabia, the world's largest oil exporter, and other producers in the Organization of the Petroleum Exporting Countries (OPEC) may move to support the market by cutting supplies.
Bloomberg said in a report on Wednesday, citing a Saudi official, that his country was in talks with other producers to act to stem a slide in oil prices.
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