Oil Prices Soared as Inventory Declined and Hopes of Output Freeze Resurged

Positive oil news was the key driver of the market. Energy prices jumped as US DOE/EIA recorded the first crude inventory decline in 2 months and Kuwait indicated that a output freeze deal can be reached even though Iran refuses to join. The front-month WTI contract soared +5.18% while the Brent contract gained +5.2. Heating oil rose for the first time in 4 days, jumping +6.11% at close.

from Oil N' Gold Focus http://www.oilngold.com/ong-focus/insights/oil-prices-soared-as-inventory-declined-and-hopes-of-output-freeze-resurged-2016040732660/