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7/29, 3:22 PM (Source: TeleTrader)
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Oil prices surge, WTI up over 3.5%

Prices of oil futures soared on Friday as traders continue to show worries over the supply of crude. Investors are seemingly showing doubts over whether OPEC+ will opt for an increase in oil production at their next meeting scheduled for August 3.

Earlier, Russian Deputy Prime Minister Alexander Novak and Saudi Minister of Energy Prince Abdulaziz bin Salman discussed energy issues, underlining that both countries stay "firmly committed" to maintaining the stability of the energy market and restoring the balance of supply and demand.

West Texas Intermediate (WTI) for settlements in September surged 3.52% at 9:13 am ET to sell for $100.03 per barrel. A minute later, Brent for the same month's deliveries jumped 2.86% to go for $110.20 per barrel.

Baha Breaking News (BBN) / AY