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NYMEX crude holds U.S. rig count data ahead

The latest rally was triggered by reports on Wednesday that OPEC and Non-OPEC producers will meet in mid-April in Doha in their latest effort to stabilize oil prices. The comments from Qatar oil minister Mohammed bin Saleh Al-Sada could signal that a breakthrough in tense discussions may be imminent. The meeting will take place approximately a month and a half after Saudi Arabia, Russia and two other OPEC members agreed on a deal in principle to freeze production at their respective levels from January. Next month’s meeting will be held regardless of Iran willingness to join in on the talks, Al-Sada said, representing a shift in OPEC’s stance on limiting production.

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