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2016-03-08 13:45:00

OIL PRICES ABOVE $40

OIL PRICES ABOVE  $40

Oil prices fell on Tuesday on weak Chinese trading data, but Brent remained over $40 a barrel after jumping to 2016 highs the previous day when producers announced talks to support the market and investors opened new bullish bets.

Brent crude futures LOCc1 managed to defend $40 per barrel, standing at $40.43 at 0742 GMT, down 41 cents from their last settlement. On Monday, the contract had surged over 5.5 percent in intra-day trading and has gained almost 50 percent from its 2016 lows on Jan. 20.

U.S. West Texas Intermediate (WTI) futures were at $37.51 a barrel, down 39 cents from their last close but over…

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