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2/19, 10:16 AM (Source: TeleTrader)
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Oil gains as OPEC+ skips potential meeting plans

Prices of oil increased on Wednesday to reach its highest level since January 31 as the Organization of Petroleum Exporting Nations (OPEC) and allied countries led by Russia known as OPEC+ decided to drop plans on meeting in February to discuss further output cuts. The cartel is set to hold a meeting in March with analysts expecting it to cut global oil production to 2.3 million barrels a day.

Meanwhile, the United States imposed sanctions on the largest Russian oil company Rosneft over its role in the affairs of Venezuela.

West Texas Intermediate for March delivery added 0.67% at 4:04 am to go for $52.45 per barrel. Meanwhile, Brent for April settlement grew 0.92% to trade for $58.21 per barrel at 4:05 am ET.

Breaking the News / GA