Report suggests Saudi Arabia had contacted other crude-producing nations to discuss policy responses to falling prices
Oil prices rallied Thursday after a news report suggested Saudi Arabia was considering taking action to halt heavy selling.
Brent crude, the global benchmark, was up 2.2% at $57.47 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures rose 2.9% to $52.57 a barrel. Both varieties fell deeper into bear market territory Wednesday, having dropped more than 20% from their April highs. Brent closed at its lowest level since Jan. 3.
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