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April 9, 2020, 2:29 p.m. EDT

Oil turns lower as traders weigh reports of an OPEC+ output-cut deal

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By Myra P. Saefong

CLK20

Oil futures traded lower Thursday, giving up earlier gains, as news reports said Saudi Arabia and Russia have reached a preliminary deal to cut crude production. Some news reports say that the Saudis and Russians each agreed to limit their production to 8.5 million barrels a day each from May through June. Other reports say the Organization of the Petroleum Exporting Countries and their allies, collectively known as OPEC+, have agreed to a 10 million barrel-per-day cut. Virtual discussions among OPEC+ continue. Ahead of the day's settlement, May West Texas Intermediate crude /zigman2/quotes/209724760/delayed CLK20 -8.67% was down $1.44, or 5.7%, at $23.65 a barrel after an earlier high of $28.36. June Brent crude fell 99 cents, or 3%, to $31.85.

Read the full story:
Oil prices settle lower as investors weigh reports of an OPEC+ output cut deal

/zigman2/quotes/209724760/delayed
US : U.S.: Nymex
$ 10.01
-0.95 -8.67%
Volume: 0.00
April 21, 2020 2:29p
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