Oil stays above $46 as market ponders output freeze calls
Prices closed at five-week highs overnight, bolstered by a weaker dollar and after remarks by OPEC kingpin Saudi Arabia and non-OPEC rival Russia on cooperation to stabilise prices, which could include an output freeze.
US crude climbed 1.8 percent to settle at $46.48 a barrel in New York and Brent also advanced 1.8 percent to close at 49.23 in London on Tuesday. Both contracts were down in Asian trade on Wednesday as investors booked some profits, but analysts said the decline was tempered by buying in anticipation that prices would still go higher. "Yes, there is an element of profit taking initially.
However, it looks as though... Asian traders have used that profit taking move down to add to long positions," said Jeffrey Halley, senior market analyst at OANDA.
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