Global oil prices jumped last week as Opec oil ministers took center stage once again. Brent futures closed at $34.28 per barrel on Thursday, up $4.22 on the week, while US price-pin WTI settled at $30.77 for a $4.16 gain. The US benchmark broke through the $30 ceiling as oil producers discussed plans to freeze output at January levels. Oil prices gathered upward momentum early in the week as talks between Opec and Russia commenced. When the production freeze was announced on Tuesday morning, the April Brent contract rose to an intraday high of $35.55/bbl as speculators rushed to cover short positions. The market then cooled off as the reality set in that the two largest oil producers may agree to freeze production at record levels. Saudi Arabia, Russia, Mexico, Qatar and Venezuela are all on board, but question marks hang over key Opec members, Iraq and Iran.
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