Crude oil prices surged over one and half a percent on Thursday as investors took to bargain hunting after concerns that OPEC members would boost crude supply waned. Reports showed that OPEC nations decided to keep current production limits unchanged which will compel top oil producer Saudi Arabia to scales back its production. The oil prices also got a lift amid increasing speculations that Federal Reserve would employ quantitative easing measures to stimulate world’s largest economy.
Benchmark crude for July delivery surged $1.29 or 1.56% to finish at $83.91 a barrel, after trading as high as $84.42 and as low as $82.27 a barrel, on the New York Mercantile Exchange. In London, the July delivery Brent crude eased $0.02 or 0.02% to settle at $97.11 a barrel on the ICE.
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