http://www.bloomberg.com/news/articles/2016-03-03/oil-set-for-3rd-weekly-gain-as-producers-plan-to-meet-on-freeze
Oil headed for the longest run of weekly gains since May as Nigeria said key members of OPEC intend to meet with other producers in Russia this month to renew talks on an agreement to freeze output.
Futures climbed in New York on Friday, taking gains over the last three weeks to about 18 percent. There will be a “dramatic price movement” when the meeting takes place on March 20, Nigerian Minister of State for Petroleum Resources Emmanuel Ibe Kachikwu said on Thursday. A production cap will help to balance the market and trigger a price rebound the second half, according to Daniel Yergin, vice chairman of consulting group IHS Inc.
Oil is still down about 6 percent this year on speculation a global glut will be prolonged amid brimming U.S. stockpiles and the outlook for increased exports from Iran after the removal of sanctions. Saudi Arabia, Russia, Qatar and Venezuela agreed on Feb. 16 in Doha that they would freeze output if other producers followed suit in an effort to tackle the oversupply.
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