Market sentiment was also buoyed by Thursday’s U.S. crude stock data from the Energy Information Administration, which indicated that crude imports had jumped last week.
Ministers from key oil producing countries will decide whether to further trim output to support government revenues. Signals on any such cut have been varied, with Reuters reporting and analysts from banks including HSBC and Goldman Sachs indicating that further outputs cuts are unlikely and that the bloc would adopt a “wait and see” approach.
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