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4/2, 8:39 PM (Source: TeleTrader)
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Oil companies' stocks surge on output cut hopes

Shares of major oil companies soared on Thursday following the announcement made by United States President Donald Trump that Russia and Saudi Arabia could reach a deal to cut oil output by at least 10 million barrels. Shortly after his statement, the Middle Eastern country called for a meeting of the Organization of the Petroleum Exporting Countries and its allies to discuss stabilization of the oil market.

The stocks of big oil's Chevron, Eni, Exxon Mobil, Royal Dutch Shell, BP and ConocoPhillips all jumped significantly, from 3% to 10%, following the advancing oil prices.

Meanwhile, Brent for June settlement extended gains, rising 17.30% to $29.07 per barrel at 2:19 pm ET and West Texas Intermediate futures for May concurrently grew 15.41% to $23.44 a barrel.

Breaking the News / ND