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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (81395)	4/3/2020 7:53:44 AM
From: Goose94	Read Replies (1) of 202730

Crude Oil: Saudi Arabia is calling on Canada and other countries to participate in cuts to oil output to help halt the slide in global crude prices. The official Saudi Press Agency reported that the kingdom urged members of the Organization of Petroleum Exporting Countries, Russia and other countries to seek an agreement to "restore equilibrium" in the oil market. Crude prices shot up 25 per cent Thursday in response to that and to a comment from President Donald Trump that Saudi Arabia and Russia could be near a deal to end a price war that has flooded global markets. An unnamed source says non-affiliated countries such as Canada and Brazil would need to join in any co-ordinated output cuts. Canadian officials said little about prospects for participating. The country's oil producers have cut output rather than sell it in a market that has little need for it. Mr. Trump said on Twitter recently that he had spoken to Saudi Crown Prince Mohammed bin Salman, who had talked with Russian President Vladimir Putin about ending the price war that has sent the global oil sector into a financial tailspin.

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