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2/11, 11:08 AM (Source: TeleTrader)
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Oil jumps 1% as stock markets recover

Oil traded over 1% higher on Tuesday amid a rebound in the stock markets as investors shrugged of coronavirus concerns and focused on corporate earnings and economic data.

Market watchers also remained hopeful that OPEC and other major producers will implement further production cuts after the OPEC+ Joint Technical Committee recommended deepening cuts in the first half of 2020 in an effort to tackle the impact of the coronavirus on the global market.

Brent for April delivery climbed 1.54% to sell for $54.08 per barrel at 4:55 am ET and West Texas Intermediate (WTI) for settlements in March jumped 1.43% to go for $50.28 at 4:54 am ET.

Breaking the News / NP