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Oil Rally Evaporates After Touching the Highest Since March

  • OPEC considers exempting Russia from oil output deal: WSJ
  • Oil posts sixth monthly advance its longest run since 2011
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Citi’s Morse: Oil in $70 Range a Fair Value by Year End
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Oil’s rally fizzled following a report that OPEC members are exploring the idea of exempting Russia from its oil-production deal, which could open the door for other producers to pump more oil.

West Texas Intermediate futures in New York shed nearly all of its gains to settle under $115 after earlier rising almost $5. Exempting Russia from oil-production targets could potentially pave the way for Saudi Arabia, the UAE and other producers in the cartel to pump more crude, the Wall Street Journal reported.