Oil extends gains above $44 on output freeze hopes

August 15, 2016 11:57 AM

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Oil extends gains above $44 on output freeze hopes

Oil traded above $44 a barrel in Asia Monday, extending gains on hopes crude producers would agree to freeze output at a meeting next month, easing a stubborn global supply glut.

Saudi Arabian oil minister Khalid al-Falih’s comments last week that producers could discuss action to stabilise markets lifted market sentiment, helping prices rebound since closing below $40 a barrel and tumbling into a bear market earlier this month.

Also read: The OPEC Oil Deal Sells Fake News for Real Money

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