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3/3, 5:03 PM (Source: TeleTrader)
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Oil jumps 3% as OPEC ministers fail to agree on easing cuts

The Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) failed to reach an agreement on the potential easing of oil output cuts during the Joint Ministerial Monitoring Committee (JMMC) meeting held on Wednesday, fueling oil prices' climb of more than 3%.

Some member states have been pushing for boosting production, while several countries advocate a more cautious approach to the easing of cuts, according to media reports. OPEC and non-OPEC ministers are allegedly expected to continue talks on Thursday.

West Texas Intermediate (WTI) for April delivery surged 3.06% at 10:59 am ET, trading for $61.58 per barrel, while Brent for settlements in May gained 2.98% to go for $61.53 per barrel a minute later.

Breaking the News / GA