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Crude Oil bounces WTI near $40

Crude oil are seen extending recovery WTI rising 0.84% to $ 39.80. Oil prices reversed a part of last week’s losses and edged higher in the Asian session as the fall in the US production levels combined with strong gasoline demand continue to underpin the black gold.
While the sentiment around the oil markets also remain buoyed in wake of the ongoing chatter surrounding output freeze by the major oil producers, as focus now shifts towards the April 17 meeting scheduled in Doha, with the producers expected to discuss output freeze plans.

Focus Weekly Report’s.
The weekly crude stockpiles report from the API and EIA will remain in focus, while a host of key US economic data will be closely monitored for further direction on the USD denominated black gold.

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