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Oil Rises Most in Two Months on U.S. Output Drop, Freeze Talks

  • Production declines 10th time in 11 weeks through April 1: EIA
  • Suppliers including Saudi Arabia to meet this month in Doha
Bloomberg business news

Morning Meeting: Oil and the Doha Meeting

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Oil rose the most in two months as U.S. crude production continued to slide before talks between suppliers to discuss freezing output.

Futures climbed 6.6 percent in New York. U.S. output slid for the 10th time in 11 weeks through April 1 and crude stockpiles fell, according to data from the Energy Information Administration on Wednesday. The number of active oil rigs in the U.S. dropped to the lowest level since 2009 this week, Baker Hughes Inc. data show. Major producers from Saudi Arabia to Russia will meet in Doha on April 17 to discuss freezing output in a bid to stabilize prices.