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Oil prices rally on hopes of deeper production cut as traders monitor OPEC+ meeting

Oil Prices Extend Gains as Market Awaits Key OPEC+ Meeting

Oil prices continued to climb on Wednesday ahead of the critical OPEC+ meeting, with a storm in the Black Sea and the API’s report of a U.S. inventory draw.

Oil gains ahead of OPEC+ meeting as Black Sea shutdowns provide support

Oil gains ahead of OPEC+ meeting as Black Sea shutdowns provide support
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Oil Updates – prices slightly higher as OPEC+ awaited, Black Sea storm disrupts supply

Oil Updates – prices slightly higher as OPEC+ awaited, Black Sea storm disrupts supply
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Oil little changed as OPEC+ decision awaits, Black Sea storm disrupts supply

Oil moved in a narrow range on Wednesday as investors turned cautious ahead of a crucial OPEC+ meeting to decide output policy in the next months, while a supply disruption in the Black Sea provided a floor for prices. U.S. West Texas Intermediate (WTI) crude futures gained 12 cents, or 0.2%, at $76.53 a barrel. "Investors covered short positions ahead of the OPEC+ meeting amid worries over supply disruption from Kazakhstan," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.

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