Oil Gets a Boost On News Of a Possible Output Pact This Month

By Myra P. SaefongMarketWatch Pulse

Oil futures turned decidedly higher on Tuesday after Russian news agency TASS reported that a decision by major producers to stabilize oil output could be made later this month. Russia's Energy Minister Alexander Novak said Tuesday that 15 nations, producing 73% of oil across the globe, support a decision to stabilize oil production, according to TASS. The minister also said that such a decision would be efficient even without Iran. April West Texas Intermediate oil traded at $34.48 a barrel on the New York Mercantile Exchange, up 73 cents, or 2.2%. Earlier, it was seesawing between modest losses and gains.

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