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March, 03 - Trade on Oil Markets has increased

Oil markets ripped higher out of the gates in early Asian trading on hope for a double dipper policy deluge.


rising oil price

The air is rife with expectations that G-7 finance ministers and central bankers will move to prop up financial markets and that OPEC will tighten the reigns on supplies in response to the virus-driven demand shock.

Futures in New York rose 2.3%, after gaining 4.5% on Monday to break a six-session losing run. G-7 finance ministers and central bankers will hold a global teleconference later Tuesday to discuss their response to the coronavirus outbreak, while the market continues dancing to the bullish tune expecting OPEC and allied producers to commit to deeper output cuts when they meet in Vienna later this week.

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