Crude Oil Jumped as Saudi Raises Hopes of Output Freeze Next Month

Crude oil prices staged a strong rebound as Saudi Arabia signaled the OPEC is keen on discuss about "stabilizing the oil market" at the informal meeting next month. Meanwhile, IEA in its latest report suggesting tighter oil market outlook also lifted prices. The front-month WTI rose to a 2.5-week high of 43.86 before settling at 43.49, up +4.27% while the Brent crude contract soared +4.52%, ending the day at 46.04. Heating oil and gasoline prices also surged +5.04% and +4.63% respectively.